S.Korea approves Daewoo Motor debt write-off plan

Newswire

SEOUL, Sept 30 (Reuters) - South Korea approved a $12 billion debt rescheduling plan for bankrupt Daewoo Motor Co on Monday, taking the South Korean automaker a step closer to a restructuring that will bring in General Motors Corp . Inchon District Court said in a statement it approved the plan after Daewoo Motor creditors and other related parties voted for it on Monday afternoon. "The court approval cleared the way for the launch of the Daewoo-GM joint venture, which is expected around ...

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