Daewoo Motor America announced on May 16, 2002, that it has filed for bankruptcy protection. Last month GM said it would pay $251 million for a stake in a new company that includes the assets of the Daewoo Motor Co., which went bankrupt last year; however, the sale did not include Daewoo in the U.S. Daewoo Motor America said May 16, 2002 a group of South Korean banks and government agencies will fund it through the summer so it can keep importing parts to service about 160,000 Daewoo automobiles owned in the United States.

Originally posted on Fleet Financials

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