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Daewoo's Pupyong Plant to Go Independent.
(From Korea Times)
Daewoo Motor's Pupyong plant in Inchon, west of Seoul, is going to reborn as an individual automobile company, according to the automaker yesterday.
The ailing carmaker, currently undergoing a workout program under the watchful eyes of its creditors, said the Pupyong factory, which was excluded from the General Motors Corp.'s (GM) takeover deal, will be renamed the Daewoo Incheon Motor Co.
Kim Seok-hwan, CEO and president of the Daewoo Motor Pupyong plant and the Daewoo Motor Bidding Executive Office, will be appointed the chief executive of the new firm. It would start with initial capital liquidity of 50 million won.
The company would increase its capital through the creditor-arranged debt-to-equity swaps, it said.
``The Pupyong plant will be reborn as an independent automaker. After returning to profitability we plan to pursue a sale of the firm to GM. We plan to attain a final approval from the creditors at a court-arranged meeting late Monday,'' said a Daewoo Motor official.
According to the plan, Daewoo Incheon Motor Co. will issue interest-free promissory notes with a face value of 1.33 trillion won to cover the acquisition of the Pupyong factory and the servicing of ...
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