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SsangYong Motor Co. is to begin a court-led restructuring process as early as next week after sole potential investor HAAH Automotive Holdings Inc failed to submit a letter of intent by March 31 to acquire it.
The Seoul Bankruptcy Court ordered SsangYong to submit HAAH's letter of intent.
Mahindra & Mahindra Ltd., SsangYong Motor's Indian parent, has been in talks with US vehicle importer HAAH to sell its majority stake in the Korean unit.
The talks were held as SsangYong filed for court receivership in December after failing to obtain approval for the rollover of 165 billion won worth of loans from creditors.
SsangYong was given a three-month suspension of its obligation to pay the debts due to the talks with HAAH.
Main creditor Korea Development Bank said it hasn't received any notice or documents from the court.
SsangYong was planning to submit its plan for a speedier rehabilitation procedure under a "prepackaged" bankruptcy plan if HAAH had submitted the letter of intent.
The prepackaged plan is a combination of workout and court protection under which a restructuring plan is agreed upon in advance of a company declaring its insolvency. It is intended to shorten and streamline the bankruptcy process.
