Court approves Edison Motors' deal to acquire embattled SsangYong Motor

Edison Motor CEO Kang Young-kwonA court on Monday gave its nod to electric carmaker Edison Motors Co's deal to acquire the embattled SsangYong Motor Co., according to sources.

The approval by the Seoul Bankruptcy Court paved the way for Edison's plan to take over the financially troubled carmaker under court receivership. 

Sources said following the court decision, Edison is expected to sign a formal contract to pump in about 304.8 billion won ($254.5 million) into SsangYong as early as Tuesday. (Yonhap)