Cash-strapped South Korean conglomerate Doosan Group has shortlisted several bidders interested in a controlling stake in its heavy equipment unit, Doosan Infracore, industry sources said on October 7.

A consortium of Hyundai Heavy Industries and Korea Development Bank Investment (KDBI), construction materials company Eugene Corp and private equity investors MBK Partners and Glenwood Private Equity have advanced to the final round of bidding for about a 36% stake in the heavy construction equipment maker. Also still in the race is EastBridge Partners, which is reportedly looking for a partnership with a strategic investor.

The shortlisted bidders will start due diligence this week, with the final round of bidding expected to be held later this month. Credit Suisse as the group’s adviser for the sale.

The first round of bidding in September attracted more than eight bidders, defying initial worries that few potential buyers would show interest in the company because its lucrative subsidiary, Doosan Bobcat, was excluded from the sale. An ongoing lawsuit filed against the company was another factor making it less attractive.

A group of investors who purchased a combined 20% of Doosan Infracore China Co Ltd (DICC) in 2011 filed the suit in 2015, arguing that Doosan Infracore, the parent of DICC, was responsible for a failed attempt to divest their stake in DICC. A Supreme Court ruling is expected to be announced by the end of the year.

Doosan Group alleviated concerns over liabilities related to DICC by pledging last month that it would assume all the risk if it loses the case.

Industry watchers are anticipating a competitive advantage for Hyundai Heavy Industries because its bidding partner, KDBI, is a subsidiary wholly owned by the state-run Korea Development Bank, the main creditor of Doosan Group.

Private equity bidders with deep pockets are also considered strong contenders, especially MBK Partners and Glenwood Private Equity who are said to have shown strong interest in Doosan Infracore for a long time.

Doosan Infracore’s revenue, excluding that from Doosan Bobcat, was at nearly 4 trillion won last year, with an operating income of about 363 billion won. (Reporting by Hee-yeon Han)