Kim, in Inchon, Pledges Help For Carmaker
President Kim Dae-jung Monday pledged to resuscitate ailing Daewoo Motor Co. on the condition that the carmaker undertakes a thorough restructuring, including layoffs."I will see to it that the company is resuscitated if it follows through with economic restructuring. It is inevitable that we endure momentary pain to be competitive in the world," Mr. Kim said as he visited Inchon city, near a major Daewoo factory.
"Efforts to avoid layoffs can ultimately lead a company to fold, leaving no jobs for anyone," he added.
The carmaker, which creditors declared bankrupt Nov. 8 filed for receivership last week. Creditors have asked the company's union to accept some 3,500 layoffs in return for rolling over debts. The union refused.
by kim jinkook
with the Korea JoongAng Daily
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