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Associated Press
GM to make bid on South Korea's fourth largest automaker, Ssangyong
Wednesday December 3, 9:51 pm ET

SEOUL, South Korea (AP) -- General Motors Corp. has submitted a letter of intent to bid for South Korea's fourth largest automaker, Ssangyong Motor Co., a spokesman at GM's South Korean affiliate said Thursday.

Ssangyong Motor, which specializes in sports utility vehicles, has been under a debt workout program since it broke free from the Daewoo Group, which was dissolved in 1999.

An official at GM Daewoo told Dow Jones newswires Thursday that General Motors intends to make a bid to buy into Ssangyong, but declined to say whether the bid will come from the local unit or parent company.

"We have communicated with the creditors (of Ssangyong) and the leading manager, but we cannot comment on whether it will be GM of the U.S. or GM Daewoo that is the actual bidder," the official said.
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