LDV in administration after Malaysians pull out
03 June 2009
LDV built the Maxus van until the end of last year
Van maker LDV has reapplied for administration after Malaysian firm Weststar pulled out of a takeover.
The Midlands-based vehicle manufacturer has been in trouble for the past six months after previous owner Gaz Group said is did not intend to keep funding the business while it was being sold.
Speaking to the BBC, business minister Ian Pearson said the Government was disappointed that the deal had fallen through. "We gave LDV a breathing space, a bridge to the future but in the event, unfortunately, Weststar was unable to cross that bridge," he added.