Daewoo-FSO to get new lease of life without investor?

The main creditors of debt-ridden car manufacturer Daewoo-FSO have agreed to support plans to re-launch production at the plant despite the company's failure to attract a buyer for its assets. This means the company may re-start production without a sector investor, a revolutionary move say market analysts, that may yet turn the company's fortunes. The creditors hope Daewoo-FSO will survive on export contracts after winning its largest-ever deal to deliver 37,000 cars to Ukraine. The company, once the country's largest car factory, may also get a chance to renew its manufacturing license as part of an offset deal accompanying the F-16 contract with Lockheed Martin. Daewoo-FSO has managed to negotiate the writing-off of zł. 100 million of its debts with financial institutions but is unlikely to avoid axing 3,000 jobs. (Parkiet, p. 1) J.K.