Embattled South Korean carmaker Ssangyong Motor Co. on Monday opened a bid to sell a majority of its stake, company officials said.
Analysts say the sale of Ssangyong, which has been under bankruptcy protection since February last year, is crucial for its viability in the long term, but are skeptical over its future with a line-up focused on expensive, gas-guzzling sport-utility vehicles.
By May 28, Ssangyong will receive letters of intent from potential buyers. A preferred bidder is expected to be selected in August, according to the company officials.//Yonhap
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