SsangYong Motor said Wednesday it has signed a conditional investment deal with a local consortium ahead of the auction later this month to find a new investor for the carmaker. The Seoul Bankruptcy Court recently selected the consortium led by chemical-to-steel firm KG Group as the preliminary bidder for SsangYong Motor. The new auction comes two months after local electric bus maker Edison Motors failed to make a full payment of 304.8 billion won (US$249 million) for the debt-laden carmaker by the March 25 deadline. SsangYong and its lead manager EY Hanyoung accounting firm accepted the KG-Pavilion PE consortium as the consortium beat others in terms of acquisition price, fundraising plans, and employment guarantee period. In the stalking horse bid, the preliminary bidder suggests its price for SsangYong ahead of the auction, and other bidders submit their prices in the auction.