GM Daewoo Will Repay Outstanding KRW 1.126 Trillion Revolving Credit Facility with Korea Development Bank
- Improved financial performance of company triggers decision
Seoul – GM Daewoo Auto & Technology(GM Daewoo) announced today that it will fully repay the outstanding KRW 1.126 Trillion borrowing under its revolving credit facility with the Korea Development Bank(KDB). The facility will be subsequently terminated during December.
“This action reflects GM Daewoo’s stronger financial performance this year enabling us to make full payment on the outstanding facility,” said Mike Arcamone, President and CEO of GM Daewoo. “Full repayment of the credit facility will decrease the company’s future borrowing costs.”
GM Daewoo also reiterated today its intent on continuing to discuss other issues raised by the KDB, its second largest shareholder.
About GM Daewoo
GM Daewoo Auto & Technology was established on October 17, 2002. It has five manufacturing facilities in Korea as well as an assembly facility in Vietnam. In addition, GM Daewoo provides market and brand-specific vehicle kits for assembly at GM facilities in China, Thailand, India, Colombia and Venezuela. In 2009, GM Daewoo sold in Korea and exported more than 1.5 million units, including CKD products. GM Daewoo now produces vehicles and kits that are offered in more than 150 markets on six continents. More information on GM Daewoo and its products can be found on the company’s website at http://media.gmdaewoo.co.kr/.
