Mahindra's South Korean unit SsangYong files for bankruptcy
Mahindra & Mahindra's South Korean subsidiary SsangYong Motor Company has filed for bankruptcy after it defaulted on loan repayment of about ₹400 crore. SsangYong has also applied for an autonomous restructuring support programme, which gives the automaker up to three months to negotiate with stakeholders to resolve issues. Mahindra acquired SsangYong from near-insolvency in 2010.