An image of the model’s update has surfaced as a major South Korean news agency reports on the latest about the brand’s fight for survival.

LEAKED images of an update for the Ssangyong ute we know as the Rhino have surfaced on the internet.

The beavily facelifted one-tonne ute – which most of the world knows as the Musso (a name it once had here, before it then rebadged as the Actyon Sport, before becoming Rhino on local release in 2019) - has been spotted and reported on by Mocar, a YouTube commentator popular in South Korea.

It’s badged as the Khan ute in its home country – yes, if only these people could decide on one name and stick to it, right?

The new look is bolder and brings a strong, blunt nose with larger headlights flanking a tall grille.

The model’s unexpected unveiling sends a strong signal to though wondering about what SsangYong has been up to while weathering troubles in its home market in the face of bankruptcy. An issue that has not affected operations in New Zealand; it’s business as usual for the independent distributor.

Today a major South Korean news agency, Seoul-based Yonhap News Agency, reported that the make’s main creditor as saying it has yet to decide on the cash-strapped automaker's push for a speedier bankruptcy procedure.

This comment comes in the wake of SsangYong having failed to receive approval from its potential buyer, according to the agency.

SsangYong, the smallest of South Korea’s five car makers, has been under court receivership there since December, as it defaulted on loan payment of about $NZ199 million.

India’s Mahindra and Mahindra, which holds a 74.5 percent stake in SsangYong, has been in talks with HAAH Automotive Holdings, a United States vehicle distributor, to sell its majority stake, but they have not yet reached an agreement. 

HAAH is a California-based business that also acts for a newcomer brand, Vantas, which has developed a medium sports utility similar in size and look to a Toyota Highlander. Described on the HAAH website as being a ‘near-premium’ product, the vehicle is produced in North America and set to go on sale in the US later this year, as 2022 model.

 Choi Dae-hyun, vice president of the state-run Korea Development Bank (KDB), said the potential buyer did not make a final decision on the pre-packaged plan due to SsangYong's delayed document submission.

The pre-packaged plan is a combination of workout and court protection under which a restructuring plan is agreed upon prior to the filing of the bankruptcy case to streamline the bankruptcy process. It starts with the approval of creditors who hold more than half of a company's debts.

If SsangYong fails to draw fresh investment or submits an unfeasible plan, its liquidation may be unavoidable, Yonhap quotes Choi as saying.

The agency says industry sources have related that HAAH Automotive proposed acquiring a 51 percent stake in SsangYong, but wanted the bank to partner.

The KDB has been under pressure to inject additional funds into SsangYong to avoid job losses and bankruptcy of its contractors.

SsangYong has faced difficulty at production lines in Pyeongtaek, about 70 kilometres south of Seoul, as some of its contractors refused to supply parts on delayed payments for their goods, Yonhap says