September 12, 2002 |
South Korea's Daewoo Motor Co. said it resumed production after its main parts supplier ended a boycott over unpaid bills that had threatened to disrupt a joint venture with General Motors Corp. But Korea Delphi Automotive Systems said further talks were needed with the country's No. 3 auto maker and its creditors to settle the unpaid bills for parts supplied before Daewoo Motor filed for bankruptcy in 2000.
September 29, 1998
Korean auto maker Daewoo made its official foray into the U.S. auto market Monday with the opening of 15 company-owned stores, including one in Van Nuys. Like the other Daewoo stores, located in nine states, the Van Nuys branch will follow the company philosophy of marketing primarily to college students. The showroom, at 6001 Van Nuys Blvd., is within a few miles of Valley College, Pierce College and Cal State Northridge. Daewoo Motor Co.
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.
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.
April 30, 2002 |
Daewoo Motor Co.'s U.S. sales arm fired about two-thirds of its workers, anticipating that the unit would be excluded from assets General Motors Corp. will acquire after the auto makers sealed their long-anticipated deal Monday. About 105 of Daewoo Motor America's 165 employees were let go last week, said Gary Connelly, vice president of the Compton-based unit. The 60 remaining will keep their jobs until "the transition between Daewoo Korea and GM is finalized."
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.