‘Liquidity crisis’ Ssangyong Motors requests corporate rehabilitation procedures

▲ View of Ssangyong Motors headquarters ⓒ Ssangyong Motors

Ssangyong Motor, in a liquidity crisis, requested business rehabilitation procedures (legal management).

According to industry sources on the 21st, it was reported that Ssangyong Motor filed a request for corporate rehabilitation proceedings with the Seoul Rehabilitation Court that day.

Ssangyong Motor is interpreted to take into account the business situation in which it is in default, such as 90 billion won in Korean Development Bank loans to be repaid on that day and 60 billion won in loans from foreign banks.