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Ldv Set To Go Into Administration

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From Sky. Sorry if repost but search for "LDV" showed up nothing

http://news.sky.com/skynews/Home/Business/...ecue_Deal_Fails

1:53am UK, Monday June 08, 2009

Troubled vanmaker LDV will apply for administration today following the collapse of a rescue deal.

LDV

A rescue deal to save the troubled firm has collapsed

It increases the risk of thousands of jobs being cut in the coming days.

The Birmingham-based firm, owned by Russian giant GAZ, will apply to a court for administrators to be appointed.

There could then be a fire sale of its assets.

It employs 850 workers, but thousands more work for firms which distribute LDV vans or supply parts and other services.

LDV managers issued a final appeal to the Government on Friday to help save the company, after a rescue deal by Malaysian firm Weststar collapsed.

Managers argued that a loan of £60m would help refinance the firm and help turn it into a profitable business.

But a delegation by workers to Westminster to press home the case had to be called off because the Cabinet reshuffle meant no ministers were available to meet them.

The Government was warned that the cost of closure to the Treasury will be up to £53m in unemployment benefits and lost taxes in the first year, while the economy will lose over £200m of wages, purchases and export revenue.

LDV has not built any vans since mid-December after a slump in demand.

So 850+ jobs will probably have to go because Gordon was busy trying to save just one - his own. :angry:

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Weren't GAZ able to supply the funds? It seems every tom dick and harry that is having a difficult time expects the tax payer to bail them out these days.... Jaguar / Tata are another bunch! Don't mention the banks.....

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Haha!

Classic! 'Dont forget to return my pen!'

I love it :lol:

Now that is leadership.

It might be dictatorship too, but its nothing the old oli doesn't deserve in this instance.

He can't even say no, because if he did he would be jailed / killed.

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Given that all LDV ever did was assemble vans from parts manufactured by others, that there are probably 10,000 jobs going down the Swanee River here.

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Given that all LDV ever did was assemble vans from parts manufactured by others, that there are probably 10,000 jobs going down the Swanee River here.

You can double that figure for workers in Luton working at vaushall but it's a darn site less if talking about british jobs lost

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Its a sad day when you think we used to build the worlds best small wagons buses and Vans now there aint anything left Leyland, ERF, Fodens, Seddon Atkinson all now gone are no longer British owned

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Royal Mail had to be LDVs biggest customer but Royal mail are moving to two man teams in small Ford Fiesta Vans. Their large vans fleet will be greatly reduced and most of the bicycles abandoned. LDV was a dead man walking!

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