Daewoo Motor likely to be sold piecemeal

Governor Uhm Rak-Yong of the Korea Development Bank asserted Thursday that Daewoo Motor should be sold in one piece, but said if bidding companies propose better conditions, it could be sold in pieces.

Governor Uhm met with reporters and stated that it is the basic principle to sell Daewoo Motor in one piece, but added that the issue could be dealt with flexibly during the negotiation process. He added that if the acquiring bidder proposes better conditions, parts of Daewoo Motor could be excluded from the sale.

Moreover, Governor Uhm asserted that if the acquiring bidder wishes, Daewoo Motor could be sold on a buy now and pay later basis. Also, he explained that if new facts are discovered in the contract between the acquiring bidder and creditors, the selling price of the company could be adjusted.

Governor Uhm asserted that creditors have not sent the terms for the letter of intent to either GM or the Hyundai-DaimlerChrysler consortium. He added that creditors are still negotiating with bidders on the terms for the letter of intent.

He went on to say that as long as the disposition procedure is on its due course, invitations for the letter of intent would be open to all.