Daewoo cash crisis
Daewoo Motor may need an emergency cash injection to remain in business. 'We could need 450 billion won ($402 million) by the end of this year to stay operational,' said an official at the South Korean carmaker.
Daewoo's funding requirements were due to be discussed Friday at a meeting of creditors owed an estimated $16 billion. Ford Motor Co. abandoned its $6.9 billion offer for Daewoo last month. The creditors are now seeking new bids.
Cash shortages at Daewoo have left some workers unpaid - including staff at the Daewoo Technical Centre in Worthing, England. Daewoo said the delay was 'unacceptable' and that it had secured emergency funding. Staff should receive salary payments this week. Daewoo employs more than 500 at Worthing.
Opel ad switch
FRANKFURT - General Motors Corp. has reunited McCann-Erickson Worldwide, Frankfurt, with the Opel advertising account in Germany after 14 years. The $150 million account was previously with Lowe Lintas & Partners, Hamburg.
There had been reports that Opel was not happy with Lowe's work. The Opel Agila minicar launched in May was supported by a campaign from McCann-Erickson and not Lowe Lintas.
The move means McCann is Opel's main European advertising agency. The UK is the only volume European market where Lowe handles GM. GM uses the Vauxhall brand in the UK.
Bill Britt & Dagmar Mussey
PARIS - Pininfarina's Rossa was the overall winner of the second annual Automotive News International Concept Car of the Year awards.
A panel of judges chose the Rossa, a spider based on Ferrari mechanicals, from vehicles introduced at the latest Tokyo, Detroit, Geneva and Turin auto shows. Runners-up were the Mazda RX-Evolv and Seat Salsa.
Other winners and their categories: Seat Salsa (exterior styling), Renault Koleos (interior); Fiat Ecobasic (environmental), Porsche Carrera GT (best at Paris).
Automotive News International is a sister publication to Automotive News Europe.