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SsangYong Motor Co. has filed for court receivership after it failed to pay debts valued at 60 billion won worth to its foreign creditor banks last week.
The financially-troubled South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., was also unable to pay 90 billion won due on Monday to its main creditor, Korea Development Bank (KDB).
According to SsangYong, it decided to file for court receivership as the debt repayment will have a grave impact on business operations," it said.
Under South Korea's legal system, the court will decide whether and how to revive the company placed under receivership.
SsangYong, which also received a three-month suspension of its obligation to pay its debts, is now aiming to find a new investor before the court-led restructuring begins.
California-based car importer HAAH Automotive Holdings, Inc. has been reported as a possible investor in SsangYong. It imports vehicles for the U.S. market,
SsangYong suffered net losses in the past 15 quarters due to a lack of new models and local competition.
Its vehicle sales fell 19 percent on-year to 96,763 units in the January-November period from 119,876 a year earlier.
SsangYong's lineup consists of the G4 Rexton, the Tivoli, Korando, and Rexton Sports.
This is the second time for SsangYong to place itself under court receivership after undergoing the same process a decade ago.
China-based SAIC Motor Corp. acquired a 51 percent stake in SsangYong in 2004 but in 2009 relinquished its control of the carmaker in the wake of the economic downturn.
Mahindra, which acquired a 70 percent stake in SsangYong for 523 billion won in 2011 and now holds 74.65 percent, does not have a plan to inject fresh capital into SsangYong and will give up its status as the biggest shareholder of the Korean unit if it finds a new investor.
