The SsangYong Motor Company will continue to operate as normally around the world including in Australia after it has secured protection under South Koreas bankruptcy administration process.
This comes after the South Korean arm of Indian industrial giant Mahindra and Mahindra (M&M) filed for bankruptcy on Monday December 22, following the failure to meet accumulating debt repayments due the week before, that amounted to about 60 billion Korean won ($A72 million).
In September M&M revealed that it would transfer, dilute or cease its controlling stake in SsangYong, after almost a decade of mounting losses, meaning it sought a buyer for the struggling brand. The Mitsubishi Motors Corporation of Japan was reportedly one new major investo…
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