It is reported by Dow Jones that creditors of South Korea’s Ssangyong Motor Co. have thus far failed to find a buyer in their recent attempts to sell the SUV maker.
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Citing as source an official from Chohung Bank (Ssangyong’s major creditor) the report adds that a new round of consulting for the firm’s restructuring will now take place. After that a further investor may be sought.
Ssangyong Motor was an affiliate of bankrupt carmaker Daewoo Motor, but was left outside of GM’s purchase of Daewoo Motor assets.
Dow Jones says that Jin-Kwan, Ssangyong’s chief executive, sees a future for the company on its own if it can improve its fundamentals. However, creditors are though to favour a foreign buyer.
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