Daewoo-FSO heads off bankruptcy in latest court ruling

The commercial court in Warsaw yesterday rejected a motion for Daewoo-FSO to be declared bankrupt. In explaining its decision, the court said that the plaintiff, Centrum Kompozytow (CK), had failed to provide adequate proof that it was owed money by the Polish-Korean car-maker. Immediately after the court's ruling, CK chairman Franciszek Wysga announced that the company would lodge an appeal with a higher court, seeking the zl.330.000 it claims Daewoo-FSO has not paid it for instrumentation it supplied for the Polonez Kombi estate car. Refuting the CK claims, Daewoo-FSO spokesperson Krystyna Danilczyk said, "Since January the court has had our petition on file, demanding the return of zl.500,000 from CK." (Puls Biznesu, p. 4) M.T.