SOUTH KOREA: More Daewoo suppliers go bankrupt
Ailing Daewoo Motor - itself bankrupt - has admitted that more of its suppliers are going bankrupt. The number of Daewoo Motor parts suppliers that have gone insolvent has increased to 26, Daewoo Motor said yesterday. The automaker reported that 21 primary contractors and 5 secondary contractors have gone bust since Daewoo Motor was declared bankrupt last November. The motor firm added that around 30 more parts suppliers are likely to go out of business in the near future.
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