S Korea's SsangYong Motor in receivership as owner M&M fails to find buyer

South Korea's SsangYong Motor has been put under court receivership, the Seoul Bankruptcy Court said on Thursday, in an attempt to rehabilitate the car maker after majority owner Mahindra and Mahindra failed to secure a buyer. SsangYong applied to the court in December for receivership after it defaulted on a loan repayment.

The South Korean automaker is expected to submit a rehabilitation plan to the court by June.

"We plan to promote the early termination of the rehabilitation process through the completion of the M&A, such as selecting an advisor in the shortest possible time in consultation with the Seoul