SsangYong’s recipient cited Edison’s inability to deposit the bid amount to close the deal
SsangYong’s recipient cited Edison’s inability to deposit the bid amount to close the deal
Indian automaker Mahindra & Mahindra said Thursday it had canceled a deal to sell its bankrupt SsangYong Motor Co. unit to South Korean electric carmaker Edison Motors Co.
SsangYong’s bankruptcy trustee cited Edison’s inability to deposit the bid amount to end the deal, Mahindra said in an IPO filing Thursday.
Indian automaker Mahindra, which owned about 75% of SsangYong at the end of September, has been looking for a buyer for all or most of its shares, which it bought when the South Korean automaker was on the brink of bankruptcy in 2010.
SsangYong has been under judicial administration since last April in an attempt to rehabilitate the automaker after Mahindra failed to find a buyer.
In January this year, SsangYong Motor announced that a consortium led by South Korean electric car maker Edison Motors Co. had agreed to buy it for 305 billion won ($254.65 million).
