SsangYong applied to the court in December for receivership after it defaulted on a loan repayment.

The South Korean automaker is expected to submit a rehabilitation plan to the court by June.

“We plan to promote the early termination of the rehabilitation process through the completion of the M&A, such as selecting an advisor in the shortest possible time in consultation with the Seoul Bankruptcy Court,” SsangYong said in a statement.

SsangYong is burdened with high debt, and the company has said its 2020 vehicle sales fell more than 20% from a year earlier to 107,416 vehicles.

Its 2020 operating loss widened to 449 billion won from 282 billion won a year earlier.

Revenue fell 19% to 3 trillion won.

Indian automaker Mahindra, which owned 75% of SsangYong as of the end of last year, 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, but has struggled to turn it around.