SEOUL, July 23 (Reuters) - Creditors of South Korea's Ssangyong Motor have picked Shanghai Automotive Industry Corp as the preferred bidder to buy the sports utility vehicle maker, a Chohung Bank official said on Friday.
Ssangyong has been up for sale since creditors took control of the debt-ridden Korean auto maker in 1999, when its parent Daewoo Group failed under a mountain of debt.