Cash-strapped SsangYong Motor has filed for court receivership as its debts mounted amid the protracted COVID-19 pandemic. 

The South Korean automaker said it applied for the rehabilitation measure with the Seoul Bankruptcy Court on Monday afternoon. 

The measure was taken after the automaker failed to pay back 165 billion won in debt, including 90 billion won in loans from state-run Korea Development Bank that matured on Monday. 

This is the second time SsangYong sought court receivership. The automaker applied for court receivership in January of 2009 after Shanghai-based SAIC Motor Corporation relinquished its controlling stake in the company following the global financial crisis. 

India’s Mahindra Group acquired SsangYong in 2011, but reiterated its plan last month that it will sell its controlling stake in the struggling automaker once it finds a new investor.