Ssangyong Motor is looking for a new buyer after breaking its deal with Edison.

South Korean carmaker Ssangyong, which had been in financial trouble, is up for sale again after a January sale agreement with a consortium led by another South Korean automaker, Edison Motors, fell apart.

The consortium had agreed to pay $255 million to Ssangyong, which has been insolvent since 2020, but missed a March 25 payment deadline.

In a statement earlier this month, Ssangyong said it is looking for a new buyer and will prepare a new restructuring plan for court approval. Potential buyers will be able to bid for Ssangyong starting at the end of this month, and Ssangyong has already named South Korean chemical giant KG Consortium as its preferred buyer.

According to Ssangyong Motor, its financial situation has improved since it first entered bankruptcy protection proceedings due to an increase in orders from export markets and an agreement with Saudi Arabia's state-owned car manufacturing company to build a complete knockdown production plant in Saudi Arabia. The plant, which will be the first automotive plant in Saudi Arabia, is scheduled to begin operations in 2023. The plant will first assemble the Ssangyong Musso pickup truck and Rexton SUV for both local sales and export.

SsangYong is also set to launch the Torres, a rugged electric SUV formerly known by the codename J100, in a month. The Torres, named after Patagonia's Torres del Paine National Park, will be marketed globally, but not in the U.S., as SsangYong has no U.S. operations.

SsangYong is currently 75% owned by Mahindra of India. Mahindra acquired SsangYong in 2011, but struggled to make it a viable business. Mahindra ultimately refrained from further investment in SsangYong to preserve cash in light of its own declining sales, including canceling a $406 million investment that was scheduled for 2019. After canceling that investment, Mahindra began looking for a buyer.