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Korea's Edison Motors buys Mahindra-owned SsangYong Motor for $255-M

Economic Times  

A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305 billion won (USD 254.65 million). The automaker reported a January-September 2021 operating loss of 238 billion won from revenue of 1.8 trillion won. SsangYong is burdened with high debt SsangYong has been under court receivership since April in an attempt to rehabilitate the carmaker after majority owner Mahindra and Mahindra failed to secure a buyer. Mahindra, which owned about 75% of SsangYong as of September-end, had 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.