LDV forced into administration

The UK van maker LDV has been forced into administration after their attempts for a government aid has failed, meaning that thousands of jobs across the UK are now at risk.

The court hearing at Birmingham County Court considered all aspects of the company’s situation but the final decision was made against LDV. The company PricewaterhouseCoopers will now take over management.

Russian commercial vehicle manufacturer Gaz, which is controlled by Russian tycoon Oleg Deripaska, owns the company. LDV employs 850 people, but thousands more also work in its supply chain. The future of LDV has been unknown ever since the takeover by Malaysia’s Weststar fell through.

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June 08^th 2009

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