S.Korea's SsangYong Motor sold for $255 mln to local consortium

KG Mobility

10/01/2022 08:27

SEOUL, Jan 10 (Reuters) - A consortium led by South Korean
electric carmaker Edison Motors Co has agreed to acquire
debt-ridden SsangYong Motor Co Ltd  003620.KS  for 305 billion
won ($254.65 million), SsangYong Motor said on Monday. 
    SsangYong is burdened with high debt and its vehicle sales
last year fell to 84,496, down about 21% from a year earlier, a
regulatory filing from the automaker showed. 
    The automaker reported a January-September 2021 operating
loss of 238 billion won from revenue of 1.8 trillion won. 
    SsangYong has been under court receivership since April in
an attempt to rehabilitate the carmaker after majority owner
Mahindra and Mahindra  MAHM.NS  failed to secure a buyer.
 urn:newsml:reuters.com:*:nL4N2M80KF
    Indian automaker Mahindra, which owned about 75% of
SsangYong as at the end of September, has been looking for a
buyer for all or most of its stake, which it bought when the
South Korean automaker was near-bankruptcy in 2010. 


($1 = 1,197.7300 won)

 (Reporting by Heekyong Yang and Joyce Lee, Editing by Louise
Heavens)
 ((Heekyong.Yang@thomsonreuters.com;))