Troubled Korean SUV manufacturer Ssangyong is reportedly on the hunt for a new owner after its buyout by nascent EV firm Edison Motors fell through.
Earlier this year, the £187 million acquisition was approved by Korea's bankruptcy court, leaving it subject to Edison's payment of an outstanding £169m and agreement from more than two-thirds of Ssangyong's creditors.
It would have given Edison Motors a 95% stake in the Korean SUV manufacturer, but according to South Korean publication The Investor, the start-up failed to meet a 25 March payment deadline and the contract has now been cancelled.
