Daewoo-FSO shareholders' meeting postponed yet again

Daewoo-FSO's run of bad luck does not seem to be approaching an end. Yesterd ay's Extraordinary Shareholders' Meeting, postponed twice before, terminated only 11 minutes after the management's motion. "Lack of agreement with banks did not permit us to vote on any of the items on the agenda. A new ESM will be called on June 26," said Michał Relewicz, a Daewoo-FSO management member. He did not exclude the possibility that a team concerned with the company's restructuring would meet bank representatives for the next phase of negotiat ions as early as this week. Unofficially, rumors are spreading that the bank s are waiting for new bankruptcy laws, to come into force from October, whic h should considerably improve the situation of creditors. An insider claimed , "In the event of Daewoo-FSO's bankruptcy the situation of banks towards th e Treasury will be much better". At June's meeting, the shareholders will ha ve to give their consent to reducing the company's employment by almost half from the present 3,300 workers. (Puls Biznesu, p. 9) K.Ż.