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South Korean-owned car manufacturer Daewoo has been declared bankrupt by its creditors, as union leaders rejected plans to reduce the workforce.
Consequently, the car giant’s UK agency Duckworth Finn Grubb Waters is likely to lose the account worth £16.8m. The agency’s creative work for the brand was a regular award winner.
Daewoo’s future was plunged into uncertainty a year ago after it was placed under a restructuring programme when it was discovered to have billions of pounds worth of debts. Daewoo defaulted on loans worth £54m this week, which is believed to have pushed the firm into insolvency.
