May 10, 2001 |
General Motors Corp.'s board approved a takeover of South Korea's Daewoo Motor Co. and will submit a proposal for parts of the country's second-biggest auto maker as early as next week, the Seoul Economic Daily said. Officials at GM and Daewoo Motor's main creditor Korea Development Bank were not immediately available for comment. Distributor, Daewoo Motor Sales Corp. shares rose by its daily 15% limit.
December 30, 1998 |
Daewoo Motor Co. officials said at a media preview of the Greater Los Angeles Auto Show that the South Korean car maker sold 2,400 cars in its first four months in the United States and intends to begin television advertising next year in an effort to crack the market. "The word-of-mouth is a little slower than we'd expected," said Bill Tucker, vice president of U.S. marketing for the Compton-based importer.
March 11, 1998 |
Daewoo Motor Co.'s nascent U.S. import arm has slashed by 75% the number of car dealerships it plans to open when it launches North American sales later this year, according to an industry publication. South Korea-based Daewoo also has revamped its U.S. corporate structure in a bid to improve its operating efficiency.
June 29, 2000 |
Ford Motor Co., the world's second-largest auto maker, will be the sole negotiator to acquire Daewoo Motor Co., beating out four rivals who also placed bids for South Korea's No. 2 auto maker, the restructuring committee said. Ford and Daewoo Motor's restructuring committee plan to sign a final agreement after negotiating terms over the next six weeks, the committee said. No financial details were disclosed, although Korean news reports said Ford's bid was about $6 billion.
May 11, 2000 |
General Motors Corp. pledged to keep Daewoo Motor Co. operating as a South Korean company and retain all its factories, as the world's largest auto maker tries to win support for its bid to take over the bankrupt firm. General Motors Chairman John F. Smith Jr. said at a news conference in Seoul that his company would also develop new-car models with Daewoo Motor aimed at Asian markets.
November 8, 2000 |
Creditors of the long-ailing Daewoo Motor Co. said the auto maker officially declared bankruptcy today after its hard-boiled labor union rejected a restructuring plan calling for layoffs. The union's rejection of the plan is expected to leave creditors at a disadvantage as they try to sell Daewoo to General Motors Corp. "The union has refused to submit its consent to the restructuring plan. We can't wait any longer.
July 25, 2003 |
Daewoo Motor America Inc., the sales unit of defunct Daewoo Motor Co., is suing General Motors Corp. and Suzuki Motor Corp. to stop them from selling Daewoo vehicles in the U.S. under their own brands. The request for a temporary restraining order, filed in U.S. Bankruptcy Court in Los Angeles, claims that General Motors and Suzuki are violating a 1999 agreement in which the South Korean automaker gave Compton-based Daewoo Motor America exclusive U.S.
October 9, 2000 |
General Motors Corp. and Fiat said Sunday that they will study the finances of Daewoo Motor Co. before deciding whether to buy the South Korean company's passenger-car unit and related assets. The two companies expect the evaluation to be swift, and it may soon be followed by formal acquisition talks, GM said in a statement to Bloomberg News. GM and Fiat emerged as the most likely buyers for Daewoo after a joint bid by DaimlerChrysler and Hyundai Motor Co. and a separate one by Ford Motor Co.
December 23, 1999 |
Ford Motor Co. said on Wednesday that it is interested in buying Daewoo Motor Co., prompting the South Korean government to solicit bids for its No. 2 auto maker rather than negotiate exclusively with General Motors Corp. Ford will send its top Asia executive, Paul Drenkow, back to Seoul to talk with holders of Daewoo Motor's bonds and loans in early January, a month after he began talks with the creditors. Daewoo has more than $16 billion in debt.
February 20, 2001 |
Thousands of riot police raided Daewoo Motor Co.'s main plant Monday, using forklifts to break down the front gate and end a four-day sit-in protest by 600 laid-off workers. The workers fought back, hurling rocks and firebombs before dispersing and hiding inside the sprawling plant in Bupyong, 18 miles west of Seoul. At least one worker was hospitalized. As helicopters clattered overhead, police searched assembly lines and support buildings for workers and union leaders.