SEOUL, Nov. 12 (Korea Bizwire) – SsangYong Motor Co. said Friday it has graduated from the court-led debt rescheduling program 1 1/2 years after it was placed under court receivership amid the COVID-19 pandemic. SsangYong Motor applied for court receivership on April 15, 2021, after its Indian parent Mahindra & Mahindra Ltd. failed to attract [...]
SEOUL, April 15 (Korea Bizwire) – SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as U.S. [...]
SEOUL, April 2 (Korea Bizwire) — A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn’t submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor’s Indian parent Mahindra & Mahindra Ltd. has been in [...]
SEOUL, Dec. 21 (Korea Bizwire) — Financially-troubled SsangYong Motor Co. said Monday it has filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic. The decision comes after SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., failed to pay 60 billion won (US$54.8 million) worth of [...]
SEOUL, Mar. 8 (Korea Bizwire) — South Korea’s midsized shipbuilder Sungdong Shipbuilding and Marine Engineering Co. will file for a court receivership, Finance Minister Kim Dong-yeon said Thursday. Another troubled shipbuilder, STX Shipbuilding Co., will face intense restructuring efforts to overhaul its operations, Kim told a meeting of relevant ministers. The two shipbuilders have been [...]
SEOUL, Korea, April 18, 2014 (Korea Bizwire) – Once a top-ten contractor, Byucksan Engineering & Construction has finally been declared “dead” after two years of a workout process. As it happens, industry officials begin talk about a crisis of the whole construction industry. That’s because there are quite many contractors under workout or court receivership [...]