The American Repossessor

The Professional Recovery Industry Magazine

2011+02

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LDV rescue deal collapses

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LDV was on the brink of collapse on Tuesday night, threatening more than 6,000 jobs, after the Malaysian acquisition of the van maker broke down.

The Birmingham-based manufacturer has reapplied to enter administration because potential buyer Weststar has been unable to secure financing for a deal. This meant the Malaysian business halted its
short-term funding of LDV.

Union leaders have urged the Government to provide loan guarantees to support the takeover and save the company, but it is believed a state bail-out is unlikely because of doubts about LDV’s viability. A management buy-out deal collapsed earlier this year.

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