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Ssangyong Says Bidders Shortlisted to Six

South Korean SUV maker Ssangyong Motor, said on Friday it had shortlisted six out of seven firms submitting letters of intent to buy the troubled carmaker, under court-led restructuring
since early 2009.

Ssangyong declined to disclose the disqualified bidder among the seven, which included France's Renault and India's top utility vehicle maker Mahindra, for a deal worth up to $500 million.

South Korea's smallest carmaker is 6.2 percent owned by China's SAIC Motor. Barclays Bank Plcand Barclays Capital Securities Ltd are Ssangyong's largest shareholder with a combined stake of 8.02 percent, Ssangyong said in a separate filing to the stock mark t on Friday.

A Seoul court kicked off the sale process for the cash-strapped SUV maker last month, and is set to receive binding bids by July 20 to pick a preferred buyer during August.

Samjong KPMG and Macquarie, which are handling the sale, declined to comment or were not immediately available.

Shares in Ssangyong gained 5.2 percent to 14,150 won, outperforming the broader market.