Confusion reigns at Daewoo-FSO shareholders meeting

Yesterday's General Shareholders Meeting of Daewoo-FSO, which discussed the future of the company, ended on an ominous note. Korean representatives of Daewoo-Motor Co., the main shareholder, refused to increase the capital of the company, or to allow a new share issue to go ahead which would be used in a debt for equity swap. After further talks with the State Treasury, it was agreed that the meeting will be readjourn on September 29. One of the reasons for this decision was the fact that Won Keun Hwang, the representative of Daewoo Motor, was not aware of the details concerning the agreement of Daewoo-FSO's debt restructuring. The postponement also meant that trade union in the plant have suspended their plans to protest in front of the Korean Embassy on Tuesday. Taking into account yesterday's incident, the Economy Minister still plans to sign the agreement with creditor-banks concerning debt restructuring later today. (Gazeta Wyborcza, p. 1; Puls Biznesu, p. 9; Parkiet, p. 7) A.K.