SEOUL, South Korea — South Korea’s Daewoo Motor Co., teetering on the edge of bankruptcy, got a one-day reprieveTuesday as did creditors trying to negotiate the sale of the ailing carmaker to General Motors Corp.
Creditors said if Daewoo goes bankrupt, it is expected to be put under court receivership, a procedure that will install new management and freeze all debts. Daewoo’s 250 main subcontractors could collapse in a chain reaction. And the possible sell-off would likely be delayed.
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