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S.Korea's Daewoo Motor ends creditors' debt overhaul

SEOUL, Nov 22 (Reuters) - Daewoo Motor Sales Co said on Friday it had agreed with creditors to end a debt rescheduling programme set up in 1999, as it was now generating enough profits to service debt.

The independent distributor for GM Daewoo Auto & Technology Co and other carmakers made the announcement in a public notice to the stock exchange.

Its debt-to-equity ratio stood at 130 percent in September, down from 230 percent three years ago, the company said earlier this month.

Daewoo posted net profit of 77.3 billion won ($63.6 million) in the nine months to September, a record for the period, on sales of 2.65 trillion won, up 9.2 percent from a year ago.

It said sales of more cars on Korea's improved economy in recent years and the impact of cost-cutting efforts had helped its bottom line.

In September, Daewoo Motor Sales signed a contract with General Motors Corp to sell the U.S. firm's automobiles in South Korea.

Shares of Daewoo Motor Sales ended down 2.5 percent at 9,750 won, underperforming a 0.36 percent rise in the main stock index .

($1=1216.0 Won)