Polish car maker Daewoo FSO in Warsaw will deliver 60,000 cars to the Ukrainian market in 2004, Polish Deputy Treasury Minister Tadeusz Soroka said on Monday, according to a local report.
Go deeper with GlobalData
The cars were ordered by Ukrainian sector company Zaporozhsky Avtomobilny Zavod (ZAZ), for which Daewoo FSO will deliver 36,000 cars in 2003. There is a possibility that Daewoo FSO and ZAZ will co-operate financially in the future.
The shareholders of the financially troubled Daewoo FSO have to decide whether the company should file for bankruptcy at the general meeting, scheduled for September 18, 2003.
Meanwhile, the government committee for the company’s restructuring wants to get a guarantee from the creditor banks that they will restrain from filing for the company’s bankruptcy as it fears that they may do it after October 1, 2003, when the new bankruptcy law will be implemented. Under the new law the interests of the private creditors are better secured that those of the state.
The government also expects that the state-owned Agency for Industrial Development (ARP) will purchase the state-owned shares in Daewoo FSO in order to rescue the company from bankruptcy.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBritish car maker MG Rover, which is interested in leasing the Daewoo FSO production facilities, is currently negotiating with the company’s creditor banks on the terms of such leasing, the report said.
