Daewoo-FSO in 11th hour talks to avert shut-down

By the end of next week, the representatives of Daewoo-FSO and a group of Polish banks will make a decision on restructuring the auto manufacturer's debt. Daewoo-FSO owes zl. 600 million to its creditor banks. The factory's further activity will depend on the results of the talks, which have been in progress for a few months now without any resolution. Janusz Wozniak, President of the Board of Daewoo-FSO said, "I think that we will reach a consensus and that the deadlock will be finally resolved". If production is stopped in the Daewoo-FSO factory, 25,000 workers, including the employees of 300 subsidiaries, will lose their jobs. Wozniak is hopeful that positive results of next week's talks could guarantee enough time to find an appropriate investor, and a chance to repay the debts, saying: "If we settle the matter with the Polish banks, we can expect capitalization of a part of our debts by Daewoo Motor." (Prawo i Gospodarka, p. 5) P.W.