SsangYong extends final bid date to Aug 10

KOLKATA: Bankrupt South Korean auto company SsangYong Motor has extended the last date for submission of financial bids to August 10 from July 20 on bidders request.

“In response to our request , SsangYong Motor has extended the time for the financial bid to August 10,” said a spokesman for the Kolkata based Ruia group.

“Group chairman PK Ruia will be visiting Korea to meet company officials and attend SsangYong’s management presentation by the end of this month,” the Ruia Group official said. The PK Ruia Group and Mahindra & Mahindra are among the six suitors shortlisted for buying out the South Korean firm, which has been undergoing a court-led restructuring from 2009, after suffering due to the downturn in auto industry.

Deloitte, who was advising the Kolkata-based group in the process, has already submitted its report to Ruia indicating its advice on the financial bid. “The report and advice of Deloitte has been received. Now, our management will take a final call after meeting and going through their (SsangYong) management presentation,” the Ruia group official said.