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Daewoo shutdown continues

SEOUL - Production remained halted at Daewoo Motor Co. Ltd. for a fourth day on Friday, Dec. 14, as suppliers continued to withhold shipments to protest the automaker's failure to pay $1.2 billion in past-due bills.

Some debts have been outstanding for about two years. The issue was not addressed in General Motors' memorandum of understanding to acquire Daewoo.

Cho Hang Gyun, president of Daeshin Machinery Co. and chairman of the 275-member Daewoo Suppliers Association, vowed the parts cutoff would last until the bill was paid. A Daewoo spokesman said the stoppage is costing the company 1,730 units per day in lost production.



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