Mahindra's Korean unit SsangYong defaults on $55 million loan
Automaker Mahindra & Mahindra's South Korean unit SsangYong Motor Company has defaulted on loan repayment of about $55 million. Around $27.5 million was owed to Bank of America, $18.3 million to JP Morgan Chase and $9.1 million to BNP Paribas on December 14. Mahindra has been looking for a buyer for all or most of its 75% stake since June.