GM Daewoo asks for cash
SEOUL // As the 2009 Seoul Motor Show showcased an optimistic South Korean car industry, GM Daewoo has requested additional bank loans as well as government assistance to help the company survive the second quarter of 2009. Michael A Grimaldi, GM Daewoo's CEO, has released a statement saying that if any additional funds are forthcoming, the money will stay in South Korea and not be used to assist General Motors, the beleaguered parent company in the US. GM Daewoo may also consider cutting production schedules. In the first quarter of 2009, local sales of GM Daewoo fell by 43.8 per cent to 135,489 vehicles and exports were down by 45.1 per cent.