A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305 billion won ($254.65 million). SsangYong is burdened with high debt and its vehicle sales last year fell to 84,496, down about 21% from a year earlier.

SsangYong had been under court receivership since April in an attempt to rehabilitate the carmaker after majority owner Mahindra and Mahindra failed to secure a buyer.

SsangYong sells models like the Rexton, Tivoli, XLV, Korando, and the Actyon Sports in the Nepalese market.