Creditors of South Korea-based Ssangyong Motor Co signed a memorandum of understanding to sell the company to China National Bluestar Group.
Bluestar will purchase a 49 percent share in the car maker for an undisclosed sum under the agreement.
Bluestar and Ssangyong creditor Chohung Bank both indicated their certainty that a final contract would be signed. Bluestar added that it had already acquired governmental permission to acquire the South Korean company.