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GM Reaches Agreements with Daewoo

May 1, 2002

General Motors, certain GM business partners, Daewoo Motor Co., and the Daewoo Motor Creditors Committee have signed final definitive agreements establishing a new company that will acquire certain assets of the bankrupt Daewoo Motor Co. The new company would have annual revenues of about $5 billion and would own and operate selected domestic and foreign assets of Daewoo Motor Co. The transaction is expected to close within two to three months, pending court and government approvals. Daewoo will continue to manage and operate its businesses until closing.
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