SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening.
The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as U.S. vehicle importer HAAH Automotive Holdings Inc. didn’t submit a letter of intent (LOI) to acquire the financially troubled carmaker.
In 2011, Mahindra acquired a 70 percent stake in SsangYong for 523 billion won and now holds a 74.65 percent stake in the SUV-focused carmaker.
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