SEOUL (Reuters) -- A Saudi Arabian prince is interested in taking over South Korean SUV maker Ssangyong Motor Co., the Maeil Business Newspaper reported Friday.
Prince Sultan Bin Bandar Al-Faisal hoped to deliver a letter of intent to hold negotiations with Ssangyong's creditors, the report quoted an official at another Korean company backed by the prince as saying.
Ssangyong, South Korea's fourth-largest automaker, has been for sale since creditors took control of the debt-ridden company in 1999 when its parent Daewoo Group collapsed under a mountain of debt.
Creditors signed a pact with Shanghai Automotive Industry Corp, China's second-largest vehicle maker and a partner of General Motors, on the sale of Ssangyong in late July.
An official in charge of the sale at main creditor Chohung Bank said he had not received any letter from the Saudi prince concerning a possible takeover.