Kamco in hot pursuit of $570 million it is owed by FSO

"Last year's conversion of debts into FSO shares obtained by DMS was groundless as FSO was never a creditor to its parent company. The real creditor is Daewoo UK, which the Warsaw plant still owes around $570 million," claim representatives of Kamco, adding that the institution wants to carry out the collection of the debt in a smooth manner without having to take legal action. The solution proposed by the Koreans is another swap of debts into shares, which would be resold to FSO's future investor. If this solution is rejected and the demands will be recognized as legitimate then it would spell the final end to the Żerań-based manufacturer. Representatives of FSO's board declined to comment on the news. (Puls Biznesu, pp. 1, 4) A.K.