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The Korea Development Bank (KDB) turned down SsangYong Motor's request for financing after the latter requested an autonomous restructuring support (ARS) program with a local court.
KDB's decision would force SsangYong's largest stakeholder, Mahindra & Mahindra, to expedite negotiations with HAAH, a US vehicle importer interested in buying its stake in the Korean automaker.
The Seoul Bankruptcy Court met with KDB officials over SsangYong's insolvency issue after it filed for receivership due to its inability to repay 165 billion won in loans from KDB and other lenders. Of that amount, 90 billion won was owed to KDB.
The court accepted Ssangyong's ARS request and postponed receivership until Feb. 28. It then discussed with KDB officials about offering SsangYong more loans or support.
The debts would be frozen until Feb. 28 had KDB acceded to Ssnagyong's request.
But KDB officials refused to infuse additional capital or extend the due period of loans unless SsangYong found new investors or other ways to improve its cash flow.
SsangYong suffered operating losses for 15 straight quarters since the latter half of 2017, creating the assumption that it had no chance of turning a profit on its own.
As the KDB emphasized getting new investors, talks between Mahindra and HAAH are expected to step up.
SsangYong Motor CEO Yea Byung-tae had announced that negotiations with a new investor were "accelerating."
HAAH reportedly offered $258 million for part of Mahindra's 75 percent stake in SsangYong, but Mahindra wants to dispose of all its shares to make a clean exit.
