Daewoo wins debt restructure approval

Ailing Daewoo Motor Co won court approval on Monday for its debt restructuring proposal, paving the way for it to launch a new firm with us giant General Motors Corp (GM), the South Korean company said. “We have just been informed of the court approval,” said a Daewoo Motors spokesman after creditor banks met for a court-mediated meeting.

The approval opened the way for the launch of the GM-led local carmaker in “mid-October,” he said, adding it gave legal approval for the split of Daewoo assets into five units, one of which will go to new firm. GM would launch GM-Daewoo Auto Technology Co.