Local media sources report that there has been little progress so far in talks aimed at ending a supply boycott at Daewoo Motor, with production lines remaining idle.
Daewoo Motor assembly lines in South Korea were halted last week as a supply boycott by suppliers over an estimated $700 million in unpaid bills took hold.
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It is reported that suppliers want to be paid outstanding amounts in full while Daewoo’s creditors – led by the Korea Development Bank – want them to offer a discount.
It is planned that General Motors’ Daewoo-reviving joint venture will still be launched next month despite the supply difficulties.
