SEOUL, Aug 26 (Reuters) - Daewoo Motor Co, South Korea's third largest automaker, said on Monday representatives of its 180 parts suppliers would meet creditors later in the day to seek over one trillion won ($833.3 million) in overdue payment.
In April, GM agreed to invest $251 million in a joint venture with Daewoo's creditors, which would give the world's biggest automaker a 42.1 percent stake -- the largest -- while its business partners hold 24.9 percent.
GM also agreed to provide up to $250 million in support payments to Daewoo's parts suppliers.
But with payments delayed in recent weeks, many parts suppliers have complained of worsening financial conditions.
"The parts suppliers will meet with creditors at 2 p.m. (0500 GMT) today," Daewoo Motor spokesman Kim Jong-do, told Reuters. Daewoo's parts suppliers are owed around 1.4 trillion won, while payment requires the approval of creditors, Daewoo said.
The automaker has said payment to its suppliers had been delayed due to ongoing talks among creditors on how much debt they should shoulder.
Japan's top minivehicle maker Suzuki Motor Corp has said it would take a 14.9 percent stake in the GM-Daewoo joint venture, paying $89 million for the holding.
Shares in marketing arm Daewoo Motor Sales, which trade as a proxy for unlisted Daewoo Motor, were up 2.1 percent at 8,360 won at 0306 GMT, while the broader stock market index was down 0.81 percent.
($1=1200.0 won)