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LDV team enters crisis talks with government over support package
12th March 2009, Page 9
12th March 2009
Page 9
Page 9, 12th March 2009
— LDV team enters crisis talks with government over support package
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TROUBLED VAN manufacturer LDV will meet with the government to present its short and long-term plans in a bid to secure tens of millions of pounds in loans.
As CM went to press, representatives from LDV's management buyout team, as well as members from the automotive sector at large, were locked in crisis talks at the Department for Business, Enterprise and Regulatory Reform's London offices.
The meeting will outline the criteria that manufacturers. such as LDV, need to fulfil in order to get a share of the £2.3bn support package pledged by business secretary Lord Mandelson in January this year.
To buy more time, workers at LDV's Washwood Heath factory near Birmingham have agreed to a reduction in working hours and a LO% pay cut.