Currently reading: Report: Ssangyong hunts new owner as £187m buyout falls through
Korean marque's takeover by Edison Motors had been approved but payment deadline has reportedly been missed

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. It remains to be seen what will happen to the £19.2m down payment Edison had made. 

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