02 June 2009 14:14 [Source: ICIS news]
On 6 May it was reported that the government had offered a £5m ($8m, €6m) bridging loan to facilitate a proposed acquisition from Weststar, which would have maintained the ailing Birmingham-based firm's liquidity.
The company’s 850 employees would now be at risk of redundancy, along with thousands more jobs connected with LDV’s supply chain.
“The application for administration will be in court this morning and further information will be made available as soon as the facts behind this are clear,” LDV said in a statement.
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The global economic downturn has had a major effect on the automobile industry, which is an end-market for suppliers of chemicals, rubber and plastics.
Since 2006 the firm - formerly Leyland DAF Vans - has been owned by
($1 = €0.71, €1 = £0.86)
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