[ad_1]
Corporate debt: 42% of its capital
The debts of the company reach $ 285 million, the corporation declared bankruptcy due to the increase in debt and the fall in sales amid the pandemic.
South Korean automaker SsangYong Motor has filed for bankruptcy. The auto giant’s overdue debts total 315.3 billion won ($ 285 million), writes The Korea Times.
The financial problems of the auto industry arose due to the economic fallout amid the coronavirus pandemic.
The corporation’s debt is 42% of its capital. It owes about 100 billion won ($ 90 million) to foreign investors. Debts with South Korean creditors and the Korean State Development Bank amount to 215 billion won ($ 194 million).
“SsangYong Motor has filed a request to initiate bankruptcy proceedings, as due to the impossibility of reaching an agreement on the extension of maturity of the debt with foreign banks, significant problems will arise in the work of the company,” he said the company in a statement.
It was previously reported that the oldest arms company in the United States went bankrupt. It was founded 204 years ago. The company has a debt of 250 million dollars.
We also add that the iconic American brand has gone bankrupt. For 202 years, the brand has been dressing the American elite.
News of Correspondent.net on Telegram. Subscribe to our channel https://t.me/korrespondentnet
