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Daewoo Motors Is Bankrupt - Will GM Back Off? just-auto.com Reports

10 November 2000

Daewoo Motors Is Bankrupt - Will GM Back Off? just-auto.com Reports

    LONDON, Nov. 10 http://www.just-auto.com -- Daewoo Motors
has been officially declared bankrupt.  Owing its creditors an estimated
$10.6 billion, Daewoo now waits to hear whether General Motors still want to
buy the company.
    The report at http://just-auto.com/features_detail.asp?art=333 says that
the announcement came after union leaders refused to cut jobs.
    Now it seems that Daewoo's fate largely lies at the hands of General
Motors.  The factors that originally attracted GM to the company, such as
Daewoo holding a quarter share of the South Korean domestic car market, would
have acted as a springboard to further sales in the region but the bankruptcy
somewhat disrupts these plans.
    As Daewoo waits to see whether GM are still interested, negotiations
between creditors and Unions continue.  The future of Daewoo Motors remains
uncertain.

    For the full report see:
    http://just-auto.com/features_detail.asp?art=333

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