Polish carmaker Daewoo-FSO agrees new rescue plan

Newswire

By Pawel Kozlowski WARSAW, Sept 29 (Reuters) - The owners of Polish carmaker Daewoo-FSO took new steps to stave off bankruptcy on Monday by approving a large debt-for-equity swap and deep job cuts. The plan gives the Warsaw-based plant much-needed breathing space after two years of plunging sales, and allows it to resume its search for a new strategic partner. Daewoo-FSO, once a jewel in the sprawling global empire built up by South Korea's Daewoo Motor Co, was left out in the cold ...

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