ID :
114324
Wed, 03/31/2010 - 13:05
Auther :
Shortlink :
https://oananews.org//node/114324
The shortlink copeid
Daewoo Motor Sales denies debt workout program
SEOUL, March 31 (Yonhap) -- Daewoo Motor Sales Corp., a South Korean auto-sales and construction company, denied Wednesday an earlier media report that it has applied to reorganize their debts amid a liquidity crisis.
Despite the denial, the company's stock plummeted by the daily 15 percent limit.
Shares of Daewoo Motor Sales plunged 14.99 percent to 3,885 won (US$3.43) at one
point in later afternoon trading.
"No application has been made for a debt workout program," the company said in a
regulatory filing.
The liquidity crisis at Daewoo Motor Sales has worsened since GM Daewoo Auto &
Technology Co., the local unit of General Motors Corp., severed a contract to
sell its cars via Daewoo Motor Sales.
(END)
Despite the denial, the company's stock plummeted by the daily 15 percent limit.
Shares of Daewoo Motor Sales plunged 14.99 percent to 3,885 won (US$3.43) at one
point in later afternoon trading.
"No application has been made for a debt workout program," the company said in a
regulatory filing.
The liquidity crisis at Daewoo Motor Sales has worsened since GM Daewoo Auto &
Technology Co., the local unit of General Motors Corp., severed a contract to
sell its cars via Daewoo Motor Sales.
(END)
