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This file photo provided by SsangYong Motor shows the Korando SUV. (SsangYong Motor) |
A consortium led by South Korean electric carmaker Edison Motors Co. said Tuesday it aims to sign a final deal to acquire the embattled SsangYong Motor Co. by Monday.
In April, SsangYong was placed under court receivership for the second time after undergoing the same process a decade earlier. Its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor due to the prolonged COVID-19 pandemic and its worsening financial status.
The Edison-led consortium is on track to take over the financially troubled carmaker, though Keystone Private Equity Co., one of its partners, has recently withdrawn from the consortium, a company spokeswoman said over the phone.
"Edison is in talks with another partner Korea Corporate Governance Improvement (KCGI) fund to attract additional investment in the deal," she said.
But the consortium's acquisition plan appears to face a bumpy road due to possible fund-raising problems following Keystone's dropout and differences over the management rights between the consortium and SsangYong. (Yonhap)
