Daewoo administrators to cut jobs

Link: Daewoo chiefs charged with fraud

The company’s directors had requested the appointment after Daewoo’s financial position had continued to deteriorate.

Daewood Motors in Korea was taken over in May this year by General Motors which has entered into talks with the administrators over the future of Daewoo Cars.

A statement from the administrators today said they would be developing ‘a strategy designed to optimise the value, which could be realised from the Daewoo Cars Limited’s assets’.

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