The Korea Development Bank (KDB), the main creditor bank for Daewoo Motor, said Thursday that negotiations with Ford Motor for the sale of the Korean auto maker will be completed by the end of August.
KDB President Lee Keun-young said in a news conference that the negotiations will conclude early since the matter is important in helping to stabilize the domestic financial market and related to the nation’s external credibility.
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“The sale negotiations will proceed in parallel with Ford’s due diligence on Daewoo Motor, and our side will be represented by Oh Ho-keun, chairman of the Daewoo restructuring coordination committee,” he said.
Ford was chosen for its excellent bid conditions over General Motors and the Hyundai-DaimlerChrysler consortium, he said. “Creditor financial institutions with knowledge of the contents of Ford’s bid are satisfied with its selection.”
“The negotiations with Ford cover not only Daewoo Motor but also Ssangyong Motor and Daewoo Motor Sales. But the Daewoo commercial vehicle division is not included,” he said.
