Hyundai president rules out rescue of Daewoo-FSO
Finance Minister Marek Belka has received a letter from the president of
Hyundai, which effectively ends all hope that the Korean company will step
in to save ailing car-maker Daewoo-FSO. According to Zycie, Hyundai insists
that it is not interested in investing in Poland. Daewoo-FSO currently owes
zl.591 million to six Polish banks. Last month the banks signed a deal
postponing repayment until mid-December. A meeting of representatives of the
six lenders, Daewoo-FSO and the Economy Ministry yesterday failed to yield
any concrete results. "We are waiting for the government and the company to
say what their plans for Daewoo-FSO's future might be," said Sebastian
Luczak, spokesman for one of the creditors, Bank Pekao. (Zycie, p. 9;
Reuters) A.Z.
