SEOUL– The Seoul Bankruptcy Court on Friday selected a consortium led by chemical-to-steel conglomerate KG Group as the designated buyer of the debt-ridden automaker SsangYong Motor Co.
The decision approves the consortium between KG and homegrown private equity (PE) firm Pavilion PE as the new candidate to take over the automaker after a previous sales deal with local electric vehicle maker Edison Motors Co. fell apart.
SsangYong has been under court receivership since April 15, 2021, after its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor amid the COVID-19 pandemic and its worsening financial status.
Source: Yonhap News Agency