Daewoo administrators to cut jobs
Maggie Mills and Richard Fleming from Ernst & Young have been appointed administrators of car manufacturer Daewoo and immediately annnounced that redundancies would follow.
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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’.