Buyer for Daewoo Motor to be found within month

Creditors of Daewoo Motor will choose between a consortium of Hyundai-DaimlerChrysler and General Motors in looking for a buyer for Daewoo Motor, by Oct. 20. Consequently, creditors have requested the contenders to submit letters of intent by Oct. 3. However, creditors have decided not to negotiate with Hyundai alone, if DaimlerChrysler backs out.

According to the Asian Wall Street Journal on Sunday, Economic experts from Wall Street in New York negatively evaluate GM¡¯s participation for acquisition of Daewoo Motor, while positively evaluating Ford¡¯s withdrawal from the sale.

Creditors Of Daewoo Motor, including Korea development bank, held a meeting at the Banker¡¯s Club this morning and decided to enter into a contract with whoever submits the best proposal between GM and the Hyundai-Daimler consortium, within a month.