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South Korea’s car company files for bankruptcy

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South Korea’s car company files for bankruptcy

South Korean carmaker Ssangyong Motor has filed for bankruptcy after failing to repay creditors, a move analysts said signals that the government is unlikely to bail out pandemic-hit companies that have foreign backers.

Axar.az reports citing foreign media that Ssangyong, 75 per cent-owned by Indian automaker Mahindra & Mahindra, has filed for court receivership and warned of massive disruptions to its operations after defaulting on loan payments of about Won60bn ($54.4m).
Date
2020.12.22 / 15:26
Author
Tural Azimzadeh
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