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Seoul Bankruptcy Court selects KG Group as designated buyer of embattled SsangYong Motor

Economy 11:54 May 13, 2022

SEOUL, May 13 (Yonhap) -- The Seoul Bankruptcy Court on Friday selected a consortium led by chemical-to-steel conglomerate KG Group as the designated buyer of the debt-ridden automaker SsangYong Motor Co.

The decision approves the consortium between KG and homegrown private equity (PE) firm Pavilion PE as the new candidate to take over the automaker after a previous sales deal with local electric vehicle maker Edison Motors Co. fell apart.

SsangYong has been under court receivership since April 15, 2021, after its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor amid the COVID-19 pandemic and its worsening financial status.

pbr@yna.co.kr
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