GM is set to officially inaugurate its carmaking joint venture with the creditors of failed carmaker Daewoo Motor this Thursday.

Officials at the new venture, GM Daewoo Auto & Technology Co. (GMDAT), have been quoted in the local press stating that the process of Daewoo Motor’s liquidation will be completed by then.

An official launch ceremony will be held later.

The GMDAT joint venture will be owned 42.1% by GM, 14.9% by Suzuki Motor Corp., 10% by Shanghai Automotive and 33% by Daewoo creditors.