Rover and Daewoo working together.
02-17-2003, 07:18 AM
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Rover and Daewoo working together.
MG Rover to enter the New Small Company
Polish government and creditors agree on the future of the Daewoo-FSO
The Polish government, bank creditors of the Daewoo-FSO, Daewoo Motor Company, Eximbank, MG Rover and Daewoo-FSO have reached an agreement on the future of the plant in Zeran, Warsaw.
This comes as a response to the demand by MG Rover that the 14 February, 2003 is the deadline for signing of the agreement on investments in Poland.
The Deputy Economic Minister, Mr Maciej Lesny, said: 'Daewoo-FSO has established a New Small Company, which was the first step for the project execution. The agreement on the shareholding portfolio has been reached among the banks. There is also a possibility for a government warranty for the venture (up to USD 80mln)'.
At a Shareholder's Meeting, Daewoo-FSO have agreed to conditionally transfer part of its assets: press shop, welding shop, assembly shop and paint shop (valued from PLZ 1.157 bln to PLZ 1.331) into the New Small Company. According to the previous information the Polish bank creditors are to take over 34.4% sharing in the company, State Treasury 28%, Korean creditors 11.2% and Daewoo Motor 26.4%.
Last Wednesday, Mr Nick Stephenson, vice-president of the MG Rover Group, has announced in a statement that American-Arab Amar Holding is a potential financial investor for MG Rover Group in the New Small Company.
Polish government and creditors agree on the future of the Daewoo-FSO
The Polish government, bank creditors of the Daewoo-FSO, Daewoo Motor Company, Eximbank, MG Rover and Daewoo-FSO have reached an agreement on the future of the plant in Zeran, Warsaw.
This comes as a response to the demand by MG Rover that the 14 February, 2003 is the deadline for signing of the agreement on investments in Poland.
The Deputy Economic Minister, Mr Maciej Lesny, said: 'Daewoo-FSO has established a New Small Company, which was the first step for the project execution. The agreement on the shareholding portfolio has been reached among the banks. There is also a possibility for a government warranty for the venture (up to USD 80mln)'.
At a Shareholder's Meeting, Daewoo-FSO have agreed to conditionally transfer part of its assets: press shop, welding shop, assembly shop and paint shop (valued from PLZ 1.157 bln to PLZ 1.331) into the New Small Company. According to the previous information the Polish bank creditors are to take over 34.4% sharing in the company, State Treasury 28%, Korean creditors 11.2% and Daewoo Motor 26.4%.
Last Wednesday, Mr Nick Stephenson, vice-president of the MG Rover Group, has announced in a statement that American-Arab Amar Holding is a potential financial investor for MG Rover Group in the New Small Company.
