LDV applies for administration

29-04-2009

LDV applies for administration
The directors of van-maker LDV have applied to enter into administration after buy-out plans fell through.

Staff at the firm have been sent home and paid up to the end of last week, but the firm has been unable to confirm any further payments.

A planned management buyout recently broke down with the company left trying to raise funds from overseas investors during the last few months.

In a letter to workers, chief executive Evgeniy Vereshchagin, said the company had been unable to secure the investment required for the business.

"During the past few weeks, the global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position without funding indefinitely," he said.

"We are still working with potential overseas investors who want to keep production in Birmingham, but they, like many people at this time, are finding it difficult to secure the necessary funds.

"We must now inform you that the deterioration in the position of the business has forced the directors to apply for administration. I must stress that this does not mean the business is in administration yet."

The administration application is set to be processed on May 6th and LDV has until then to secure funding for its plans.

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