LDV applies for administration

Birmingham-based van maker LDV has applied to go into administration after
struggling to find funding to continue operations.

In a letter to staff on the company’s website, chief executive Evgeniy
Vereshchagin told employees that ‘the global economic crisis has forced us to
operate in exceptional conditions and we cannot continue in this position
without funding indefinitely’.

He added that LDV would continue to try and secure funding up until the
application is processed on 6 May.

Staff have been paid up to the end of last week, but further payments could
not be confirmed and employees have been told to stay away from work.

Related reading