SsangYong extends bidding date till Aug 10

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 Motors has extended the time for financial bid to August 10," a spokesman for the Kolkata-based Ruia group told PTI.

"Group chairman P K Ruia will be visiting Korea to meet the company officials and attend SsangYong Motor's management presentation by the end of this month," the Ruia Group official said.

The P K 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 heavily 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.

Ruia officials, however, refused to divulge details about their valuations.

Prior to due-diligence Ruia group chairman P K Ruia had said its earlier liabilities were very high at $700 million.

Ruia Group had said a special purpose vehicle, including Dunlop India and Falcon Tyres, would be formed if it were to go ahead to bid for the ailing Korean automaker.

SsangYong Motor, which is into manufacturing of sports utility vehicles (SUV) and recreational vehicles (RV), has SUV models like Rexton, Kyron, Actyon and sedan Chairman.