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SsangYong seeks bailout in Seoul

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SsangYong Motor Co., the South Korean unit of Mahindra and Mahindra Ltd, has filed for bankruptcy about a week after failing to repay loans.The development underscores the failure of Mahindra to make headway in the international automotive market through acquisitions as well as new projects.

Mahindra recently decided to shut down its US-based electric scooter unit, GenZe, as part of its plan to sell loss-making units.SsangYong filed an application for initiating rehabilitation procedure with the Seoul bankruptcy court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, the cash-strapped carmaker said in a regulatory filing to the Korean Stock Exchange on Monday.Also Read | Dark underbelly of India Inc’s shop floorsThis.

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