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Of the whole fee that was due on Dec. 14, about 30 billion received was owed to Bank of America, 20 billion received to JP Morgan Chase and 10 billion received to BNP Paribas, Mahindra mentioned.
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Ssangyong has complete excellent loans of about 100 billion received ($92 million) to the three banks
Automaker Mahindra & Mahindra’s South Korean unit Ssangyong Motor Co has defaulted on mortgage reimbursement of about 60 billion received ($55 million), the Indian firm mentioned in a press release to the inventory alternate on Tuesday.
Of the whole fee that was due on Dec. 14, about 30 billion received was owed to Bank of America, 20 billion received to JP Morgan Chase and 10 billion received to BNP Paribas, Mahindra mentioned.
Shares of the Indian automaker fell as a lot as 1.5% on Tuesday to their lowest since Nov. 23, whereas these of Ssangyong fell as much as 7.72%.
Mahindra has since June been in search of a purchaser for all or most of its 75% stake within the South Korean sport-utility car (SUV) maker, which it purchased from near-insolvency in 2010 however has struggled to turnaround.
The transfer is a part of a wider restructuring effort by Mahindra beneath which it’s reviewing all of its loss-making companies to chop prices and prioritise capital expenditure.
Ssangyong has complete excellent loans of about 100 billion received ($92 million) to the three banks, Mahindra mentioned.
While the Indian automaker had made a dedication to cowl the loans, its closing legal responsibility can be restricted to the extent not recovered from the South Korean SUV maker, it added.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
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