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Daewoo-FSO seek help from Polish President

Trade union leaders at troubled car maker Daewoo-FSO have again asked for the help of President Aleksander Kwasniewski, who is leaving for Korea on Sunday, June 2, to watch the World Cup. After talks to save the company broke down, it is possible that the President will take up the matter during his stay, the daily Rzeczpospolita reported on Friday, May 31.

Negotiations with creditors began on May 15, but were put on hold after representatives from Korea were told they would have no shares in the planned New Small Company. Polish creditors, including the State Treasury, would hold the majority stake. Daewoo-FSO owes 591 million zlotys to six banks, BPH, Bank Handlowy, Pekao SA, BIG BG, ING Bank Slaski and Kredyt Bank. In addition, the company owes 653 million zlotys to Korea's K-Exim Bank and 3.053 billion zlotys to its mother company, Daewoo Motosr. If no agreement is reached, the economy ministry will file for the company's bankruptcy.

(NewsBase 03.vi.02)

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