 "Ssangyong")
SsangYong Motor Company (SYMC), the South Korean subsidiary of Mahindra and Mahindra (M&M), on Monday informed the Korean Stock Exchange regarding the commencement of the rehabilitation procedure with the Seoul Bankruptcy Court, M&M said in a notification to the stock exchanges.
The development comes a week after the struggling automaker missed the repayment of Rs 480 crore (60 billion Korean Won) to JP Morgan Chase Bank, South Korea, which was due and payable on December 14.
SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process, the notification said. “If the court approves the
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