SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Thursday that its Indian parent company is still in talks to sell its controlling stake, denying media reports that the deal has fallen through.
Ssangyong filed for court receivership on Dec. 21 after the SUV-focused carmaker failed to obtain approval for the rollover of the existing loans from the KDB and other creditors.
The company received a three-month suspension of its obligation to pay its debts.