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Collapse of rescue bid spells the end for LDV
Source: Agencies |
June 9, 2009, Tuesday
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Print Edition
Print Edition
BRITISH van maker LDV Group was placed under bankruptcy protection yesterday following the collapse of a rescue bid by a Malaysian company.
The court action in Birmingham in central England marked the second time that LDV, which has about 850 employees, had been placed in administration.
LDV's Asian distributor, Weststar, had sought to take over LDV but that effort fell apart last week when the Malaysian firm said it had been unable to arrange financing.
LDV withdrew a previous application for administration on May 18 after Weststar confirmed its intention to take over. Britain's Department of Business, Enterprise & Regulatory Reform had offered a bridging loan of up to 5 million pounds (US$7.5 million) to help keep the firm going.
LDV, formerly Leyland DAF Vans, has been owned by Russia's Gaz Group, controlled by billionaire Oleg Deripaska, since 2006.
Administrators will be appointed to run LDV, either to save it as a going operation or selling off its assets.
Weststar has exclusive rights to market, assemble, distribute and service LDV's Maxus vehicles in 20 countries.
The court action in Birmingham in central England marked the second time that LDV, which has about 850 employees, had been placed in administration.
LDV's Asian distributor, Weststar, had sought to take over LDV but that effort fell apart last week when the Malaysian firm said it had been unable to arrange financing.
LDV withdrew a previous application for administration on May 18 after Weststar confirmed its intention to take over. Britain's Department of Business, Enterprise & Regulatory Reform had offered a bridging loan of up to 5 million pounds (US$7.5 million) to help keep the firm going.
LDV, formerly Leyland DAF Vans, has been owned by Russia's Gaz Group, controlled by billionaire Oleg Deripaska, since 2006.
Administrators will be appointed to run LDV, either to save it as a going operation or selling off its assets.
Weststar has exclusive rights to market, assemble, distribute and service LDV's Maxus vehicles in 20 countries.
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