SOUTH KOREA: Statement from Yk Lee, President of Daewoo Motor
Daewoo Motor Restructuring Daewoo Motor in Korea has decided to proceed with entering into Reorganisation under court receivership. While some media coverage has referred to this as bankruptcy, the process in Korea differs from that of the meaning generally known. In reality, this is an extremely positive step that serves to re-establish Daewoo Motor as a strong and healthy company and to expedite the transition of ownership currently in process.
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