Korea Delphi President Quits, Parts Delivery Halt To Continue

September 9, 2002 SEOUL Dow Jones reported the president of Korea Delphi Automotive System Corp. - a car parts maker whose refusal to deliver products to Daewoo Motor Co. has led the Korean carmaker to suspend its operations - resigned late Friday, confirmed a Korea Delphi official Monday.

The official, who declined to be named, didn't cite a specific reason why Bae Gil-hoon resigned, but stressed that the resignation won't mean Korea Delphi will resume supplying parts to Daewoo Motor.

"Despite the president's resignation, the company is still sticking to its position that it won't resume delivery until Daewoo Motor pays the overdue payments on parts," he said.

Bae's resignation had fanned hopes in the local press Monday that it would lead Korea Delphi to resume parts delivery and clear the way for Daewoo Motor plants to reopen.

Daewoo Motor's three passenger car manufacturing plants have been idle since Aug. 28 as Korea Delphi and 191 other suppliers stopped delivering parts to demand payment on outstanding bills that have accrued since June.