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US-based vehicle importer HAAH Automotive Holdings Inc. is set to submit its letter of intent to acquire SsangYong Motor Co. by Friday, looking to bringing the carmaker's SUV models and pickup trucks to the US and Canada.
SsangYong's Indian parent Mahindra & Mahindra Ltd. and HAAH had been in talks for the sale of a majority stake in the Korean unit since last year.
HAAH was expected to submit its LOI to the Seoul Bankruptcy Court by March but it did not send the documents, raising doubts about its intention to invest in SsangYong.
But HAAH founder Duke Hale said his company needed more time to look into SsangYong's financial details before deciding. He now insists that HAAH is the optimal company to acquire financially troubled SsangYong.
In April, SsangYong was placed under court receivership for the second time after undergoing the same process a decade earlier.
SsangYong plans to receive LOIs from interested investors until Friday in the auction to find its new owner.
