of theOrion carmaker Ssangyong has paid off its debts in a process known as corporate restructuring.
Korea’s financial system has given it more time to find a new buyer after Edison Motors pulled out of a US$255 million deal earlier this year.
The result is a company under new ownership by the Korean family-owned conglomerate, the KG Group, which now holds a majority stake.
The marque has been under financial pressure since Mahindra & Mahindra sold its 75 percent stake in 2021.
In a statement, Ssangyong said it “plans to normalize its initial management by increasing sales and generating rapid profitability”.
The carmaker currently sells three models in Australia – Musso ute, Rexton large SUV and Korando medium SUV.
Its future though looks to be electric with the J100/Torres set for an Australian release as the brand pushes to produce five electric vehicles by 2025.
“On behalf of everyone at SsangYong Motor, we thank all stakeholders, including the Seoul Rehabilitation Court, creditors and partners for their understanding and cooperation in successfully completing the corporate rehabilitation process and keeping the company grounded. “Want to express our heartfelt thanks. Getting business back to normal,” said a Ssangyong spokesperson.
“We specifically reach out to our customers to thank them for their loyalty, and as a completely new and transformed business, want to reward them by providing the best possible customer service, And want to thank them for their patience.”