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LDV left high and dry by Gaz and government
Date: Tuesday, February 24, 2009
UK van maker LDV is in serious financial trouble as its owners, Russian automotive manufacturer Gaz, has said that it can no longer support it financially.
The final nail in the coffin came as Downing Street and the Business Department announced that LDV’s request for an up to £30m bridging loan has been refused, saying that it’s up to Gaz to cover any losses. LDV employs 900 people and supports in the region of a further 5,000 jobs in the supplier parc and dealer network.
LDV closed down Maxus production in December last year and it’s only real hope of survival lies in a management buy-out, headed by Gaz chairman Erik Eberharsdson, and transforming itself into a producer of ‘eco-friendly’ electric vans. It announced an electric Maxus at the Hanover CV Show last year.
"We want to explore every avenue possible to save the company and the jobs. We still think that the company has a strong potential future as an electric van manufacturer, and the new ownership team, which is separate from GAZ, is prepared to invest its resources in that new venture if the government is able to give a short term loan," commented Eberharsdson, "We are ready to sit down and talk with the government at any stage about what commitments each party is able to put in. We hope the government will accept our invitation to do so."
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