South Korea’s SsangYong Motor sold to local union for $255 million – World Affairs SRS

South Korea’s SsangYong Motor sold to local union for $255 million

– World Affairs SRS

SsangYong Motor said on Monday that a consortium led by South Korean electric car maker Edison Motors Co. has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305 billion ($254.65 million).

SsangYong is burdened with high debt and its vehicle sales fell to 84,496 last year, down about 21% from a year earlier, a regulatory filing from the automaker showed.

The automaker reported an operating loss of 238 billion won in January-September 2021 from revenue of 1.8 trillion won.

SsangYong has been under court receivership since April in an attempt to rehabilitate the carmaker after majority owner Mahindra & Mahindra failed to secure a buyer.

Indian automaker Mahindra, which owned about 75% of SsangYong at the end of September, is looking for a buyer for all or most of its stake, which it bought in 2010 when the South Korean automaker went bankrupt.

($1 = 1,197.7300 won)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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