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Twelve presidents also resign

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An emergency bloodletting plan for the troubled Daewoo Group has seen the resignations of its founder Kim Woo-choong, after 30 years with the company, and the presidents of 12 Daewoo affiliates. The group was brought to its knees by the Asian economic crisis, which hit soon after Daewoo had over-borrowed to fund expansion. The company was unable to pay when banks called in the debts in 1997, and despite concerted efforts, had to implement a emergency debt plan in July this year. The executive board resignations formed part of the plan. ® See also: Daewoo faces foreign debt crisis

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