The American Repossessor

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2010 07

Latest News [ 67 ]

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LDV placed back in administration

Van maker LDV has been placed back in administration after the collapse of a rescue deal.
The Birmingham-based firm, owned by Russian giant GAZ, applied to Birmingham County Court for administrators to be appointed.
The move means the firm, which employs 850 workers, could have its assets sold quickly, finally ending any hopes of saving the business.
Thousands more workers are employed in firms which distribute LDV vans or supply parts and other services, dealing a fresh blow to the motor manufacturing industry.
LDV managers issued a final appeal to the Government on Friday to help save the company, warning that around 4,000 jobs were at risk after a rescue deal by Malaysian firm Weststar collapsed.

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