SsangYong Motor has completed its court-supervised corporate rehabilitation procedure.

The Seoul Bankruptcy Court said on Friday the automaker completed payment on most of its nearly 352 billion won in secured and unsecured reorganization claims, declaring an end to the company's 18-month-long rehabilitation process.

The court also forecast SsangYong to take a turn for the better, having secured 291 billion won in operating funds amid increased sales of its new Torres SUV model this year.

SsangYong Motor applied for court receivership in December 2020 after posting losses for 15 consecutive quarters.

The court, which decided to begin the rehabilitation program in April last year, approved SsangYong's debt payment plans in August of this year after a local consortium led by chemical-to-steel firm KG Group was selected as its final buyer.

This was the automaker's second court receivership, following its first in 2009, two years before India's Mahindra and Mahindra acquired a 70-percent stake for 523 billion won.