GM, Fiat bid for Daewoo

GM, Fiat bid for Daewoo

SEOUL, JUNE 26: General Motors and Fiat SpA submitted a joint bid on Monday for Daewoo Motor, offering the debt-laden South Korean automaker a global role in the quickly consolidating international auto industry.

"It ensures long-term viability and puts Daewoo into an industry leading position poised for rapid growth both domestically and internationally," he said in a statement. Unlisted Daewoo Motor was put into the hands of its creditors last year following the collapse of the Daewoo Group. The creditors say the company has liabilities of 18.6 trillion won ($16.63 bilion) against assets of only 12.9 trillion won.