Creditors of Ssangyong Motor Co plan to pick a preferred bidder for the sale of the Korean car maker and sign a binding preliminary pact next month, a bank official reportedly said on Wednesday.

China’s Shanghai Automotive Industry Corp and three other foreign investors have submitted bids for the acquisition of Ssangyong Motor, Chun Hyung-jin, a Chohung Bank official in charge of the deal, told Reuters.

“We are in the process of reviewing proposals from four bidders, all foreign, and plan to sign a binding memorandum of understanding next month,” Chun reportedly said.

He could not confirm to the news agency a newspaper report that Shanghai Automotive has been the strongest candidate and that they have neared an agreement on prices.

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