The race to acquire the troubled SsangYong Motor is heating up beyond expectations, with nine groups reportedly having expressed interest.

According to local reports, a total of nine have submitted letters of intent to buy a controlling stake in the automaker, which is currently under court receivership, before the Friday deadline. 

They include Cardinal One Motors, set up by US-based auto importer and distributor HAAH Automotive Holdings, a consortium led by Korean electric bus maker Edison Motors, another led by Korean electric scooter maker Kpop Motors, Samra Midas Group and a local private equity.

Deal watchers had earlier predicted the race to be a two-way competition between HAAH and Edison. But with the last-minute entry of Samra Midas, which has shown a strong appetite for deals in the mergers and acquisitions scene recently, the competition appears to be growing hotter.

Up for sale is a majority stake in SsangYong, currently held by India’s Mahindra & Mahindra.

According to EY Hanyoung, the deal’s manager, the potential bidders will conduct preliminary due diligence from Aug. 2-27 before finalizing an offer.

The schedule for the main bidding process is not known, but SsangYong Motor said it hopes to select a preferred bidder within September.

Local reports said the buyer would have to assume SsangYong’s overdue debt worth 390 billion won ($339 million), on top of the deal’s price.