Piechota proposes new committee to assist Daewoo-FSO with debt burden

Economy Minister Jacek Piechota has suggested to Finance Minister Marek Belka that a special committee be set up to take charge of matters relating to Daewoo-FSO Motor. The idea was first proposed by labor unions at the auto-maker, which blame the government for failing to improve either the situation of the company itself or the overall state of the car market in Poland. Under the Piechota plan, the committee will be responsible for devising and implementing a general strategy to help the company ease its massive debt burden. The previous government formed a similar committee, which was responsible also for holding negotiations with the Korean go vernment, company representatives and its creditors. Daewoo-FSO currently owes zl.591 million to six Polish banks. (Gazeta Wyborcza, p. 25; Zycie, p. 8) A.K.