Mahindra's SsangYong files for bankruptcy
New Delhi
21-December-2020
Mahindra & Mahindra's South Korean subsidiary SsangYong Motor Company (SYMC) has filed for rehabilitation procedure with the Seoul Bankruptcy Court.
In a regulatory filing, Mahindra said that SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process.
"SYMC has today intimated to the Korean Stock Exchange, about filing an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea," it said.
It said that if the bankruptcy court approves the ARS, SYMC will continue to function under the supervision of its Board and will negotiate with stakeholders to reach an understanding about a revival package which may include equity and debt financing and other related actions.
However, some of its decisions will be subject to court approval, the filing added.
The Seoul Bankruptcy Court will deliberate and review the application and relevant documents submitted by SYMC to determine whether or not the court will commence the restructuring process of SYMC.
SYMC has also applied for disposition of property preservation and an order of comprehensive prohibition. - IANS
More Headlines
Temporary Raj Bhavan Staffer Accuses Bengal Governor Of 'Molestation'
Sex Scandal: SIT Rejects Prajwal Revanna’s Request; Lookout Notice Issued, Another Victim Comes Forward
Explore Sridevi's Cherished Chennai Home with Host Janhvi Kapoor on Airbnb
Sanjay Raut Questions Increase In Maha Voting Percentage After 11 Days
Rohit Nagdewani’s Fresh From Farm Raises $2 Million, Aims For Aggressive Expansion in Delhi/ NCR
Temporary Raj Bhavan Staffer Accuses Bengal Governor Of 'Molestation'
Sex Scandal: SIT Rejects Prajwal Revanna’s Request; Lookout Notice Issued, Another Victim Comes Forward
Explore Sridevi's Cherished Chennai Home with Host Janhvi Kapoor on Airbnb
Sanjay Raut Questions Increase In Maha Voting Percentage After 11 Days
Rohit Nagdewani’s Fresh From Farm Raises $2 Million, Aims For Aggressive Expansion in Delhi/ NCR