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DAEWOO GROUP--Based in Seoul, South Korea. It is a conglomerate in Korea that operates major manufacturing units, including the bankrupt Daewoo Motor Corp, which builds cars, and Daewoo Heavy Industries, a construction machinery-making unit. It has 220 dealers in the U.S. and Canada. Daewoo Heavy manufactures wheel loaders, excavators, diesel engines and generators. It relocated its South American sales office to Bogota, Columbia. It has 16 South American distributors. Daewoo World is headquartered in Seoul, Korea.

Daewoo Motor Corp., a division of the heavily-indebted Daewoo Group conglomerate, indicated that it has expanded its retail network in the U.S. by 18 facilities to 259 retail outlets  since October 1999. The firm was targeting a network of about 300 outlets by January 2000. Foreign and domestic creditors of the indebted parent firm are in the process of shedding assets of the firm’s remaining units, including Daewoo Motor. The auto company’s liabilities of 18.60 trillion won exceed its assets by 5.70 trillion won.

General Motors Corp. (GM) and Fiat S.p.A. (FIA) currently are bidding to buy out Daewoo Motor. Creditors expect to finalize a Daewoo Motor sale in 2002.