GM Daewoo (Korea)

GM Daewoo was formed in late 2002 when, after years of negotiation, General Motors reached an agreement to take control of struggling Korean car company Daewoo Motors. This had been the highest profile unit of industrial conglomerate Daewoo, once one of the world's largest corporations before it encountered severe financial problems in the late 1990s. Founded as a textile business, the company became one of the pioneers of Korea's economic revolution, expanding into every conceivable industry during the 1970s and 1980s. Yet the entire group was underpinned by a labyrinthine network of inter-company loans which disguised the fact that almost all of its divisions were was racking up staggering losses. Unable to meet its debts, the group imploded in 1999 and was carved up by its creditors. GM Daewoo models are now marketed in many Western markets under the Chevrolet or Opel brands.

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GM Daewoo

General Motors

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