SEOUL, July 29 (Korea Bizwire) – TMON and WeMakePrice, e-commerce platforms of the Singapore-based Qoo10, filed for court receivership Monday, officials said, amid continuing liquidity woes due to the firms’ delays in repaying vendors operating on their platforms. The two South Korean marketplaces have been in crisis after failing to make payments to their vendors [...]
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 [...]