SsangYong under Rs 408 crore debt, applies for rehabilitation procedure

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Mahindra’s Korean subsidiary SsangYong Motors has failed to repay their debt to JP Morgan Chase, the Bank of America and the BNP Paribas. They are under debt of about 60 million Korean Won which is equal to Rs 408 crore which were due on the 14th of December. SsangYong Motors are now bankrupt and have filed an application for commencing of rehabilitation procedure with Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea.

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