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Ssangyong Motor May Extend Bid Deadline

By Motortrend India Staff   |   12 July,2010

South Korean SUV manufacturer has said that it may extend the final bid deadline to help bidders spend more time on due diligence, the company said on Monday.

Sale advisers of the troubled vehicle manufacture has planned receive binding bid proposals by July 20, and six groups including France's Renault SA, India's top utility vehicle maker Mahindra & Mahindra and Ruia Group are reviewing Ssangyong's books for a deal worth up to $500 million.

“Some bidders have requested an extension to the deadline for further review. A decision is likely to be made on Tuesday,” a Ssangyong spokesman said.

One of the Seoul court started the sale process for the cash-strapped Korean SUV maker, which has been under court-led restructuring since early 2009, this year and had planned to pick a preferred buyer during August.

Samjong KPMG and Macquarie Group, which are handling the sale process, declined or were unavailable for any immediate comments.

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