A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305-billion won (roughly $254.65m or R3,986,736,737), SsangYong Motor said on Monday.

SsangYong is burdened with high debt and its vehicle sales last year fell to 84,496, down about 21% from a year earlier, a regulatory filing from the automaker showed.

The automaker reported a January-September 2021 operating loss of 238-billion won (roughly R3,110,990,820) from revenue of 1.8-trillion won (roughly R23,534,642,898).

SsangYong has been under court receivership since April in an attempt to rehabilitate the carmaker after majority owner Mahindra and Mahindra failed to secure a buyer.

Indian automaker Mahindra, which owned about 75% of SsangYong as at the end of September, has been looking for a buyer for all or most of its stake which it bought when the South Korean automaker was near bankruptcy in 2010.