Lublin court declares Daewoo Motor Polska bankrupt

Van-maker Daewoo Motor Polska (DMP) of Lublin, the second-largest Polish un it of South Korea's Daewoo Motor, was declared bankrupt yesterday by the lo cal commercial court, after mounting debt undermined its financial position. DMP's liabilities have risen to zl.900 million against its book value of zl .970 million, and most of the company's assets have been taken over by its creditors. Hope of saving the company appears to rest with Pol-Mot Holding, which is reported to be still interested in buying DMP. "However, the final decision depends on talks with DMP's caretaker manager and the receiver, and on the company's new business plan," Pol-Mot spokesman Jerzy Musial said. P ol-Mot wants the government to guarantee the estimated $130 million credit necessary to launch the production of a new LD 100 model van. (Prawo i Gosp odarka, pp. 1, 3; Reuters) A.Z.