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One of the last surviving British-owned vehicle manufacturers has agreed a
rescue deal.
Under the terms of the deal, LDV has been put into administration
to be immediately bought by a private equity group. The new owners will retain
the company’s 1,200 workers.
The deal will ensure production at the group's Birmingham plant, but the fate of
its pensions scheme rights remains unclear.
The company had planned to start production of a range of new models towards the
end of 2006, but the latest refinancing deal means it will be able to bring
forward production by six months.
Source:
RedAlert
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