Ssangyong Motor Faces 60 Billion KRW Loan Delinquency Due to Worsening Management
[Asia Economy Reporter Lee Junhyung] Ssangyong Motor announced on the 15th that it has incurred overdue payments on loan principal and interest amounting to approximately 60 billion KRW due to worsening business conditions. The loan principal and interest represent 8.02% of the recent equity capital (749.2 billion KRW) following capital erosion. The lending institutions include JP Morgan and Bank of America Merrill Lynch (BoA Merrill Lynch), and the company plans to pursue maturity extensions with the lenders.
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