The Seoul Bankruptcy Court said Wednesday it has accepted SsangYong Motor Corp.’s request to extend the deadline for its rehabilitation plan by two months until Sept. 1 considering its ongoing sales process.
The bankruptcy court in April put the debt-laden automaker under court receivership, a step short of bankruptcy, and ordered it to submit its rehabilitation plan by July 1.
On Monday, SsangYong opened an auction for its majority stake after its Indian parent Mahindra & Mahindra failed to find a new investor for the money-losing Korean unit amid the pandemic and its worsening financial status.