SsangYong struggling

Seoul: South Korea’s SsangYong Motor has been put under court receivership, the Seoul Bankruptcy Court said yesterday, 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.

SsangYong is burdened with high debt, and the company has said its 2020 vehicle sales fell more than 20% from a year earlier to 107,416 vehicles.

Its 2020 operating loss widened to 449 billion won ($NZ562.2 million) from 282 billion won a year earlier.