The struggling van maker, LDV is offering vans to creditors in part-settlement of its debts as it attempts to stave off collapse. The British van maker, owned by Russian billionaire Oleg Deripaska, is pleading the UK Government for financial assistance in the wake of the credit crunch. The once prominent van brand owes millions including almost £1 million in national insurance contributions.
According to the Times, an LDV spokesperson played down the vans instead of cash offering, stating it was merely “accountancy practice where we have some money owed.”
LDV has reportedly been in constant contact with the Government in an effort to secure financial aid but ministers seem reluctant to step in given that the van maker is, by ownership, part of the Russian automotive group, Gaz. However, reports indicate that Gaz is unwilling, or unable to provide any further assistance to LDV.
The news that LDV is using vans in part-settlement of outstanding debts is however likely to apply further pressure on the Government to intervene and save the ailing van maker.
LDV currently manufacture the LDV Maxus range - available in a series of models including vans, minibuses, combi vans, chassis cabs, tippers, dropsides and luton vans.
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