Seoul, Apr 18 (IANS): Three firms have submitted their bids to acquire the debt-ridden automaker SsangYong Motor Co, sources here said on Monday, after a previous sales deal with a local electric vehicle maker fell apart.

Local underwear company Ssangbangwool Group, chemical-to-steel conglomerate KG Group and homegrown private equity (PE) firm Pavilion PE submitted letters of intent to accounting firm EY Hanyoung, SsangYong's lead manager for the deal, according to the sources.

Their bids came as a deal to buy SsangYong Motor by local electric bus and truck maker Edison Motors Co. collapsed late last month after its failure to meet the deadline to make the full payment for the proposed takeover, reports Yonhap news agency.

The firms that tendered their bids will conduct due diligence from Tuesday to May 4 before submitting their main bids for Ssangyong.

SsangYong has been under court receivership since April 15, 2021, after its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor amid the COVID-19 pandemic and its worsening financial status.