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| LDV set to enter administration | |
| (10 minutes later) | |
| Struggling van maker LDV has applied to enter administration, a letter to staff on the firm's website says. | Struggling van maker LDV has applied to enter administration, a letter to staff on the firm's website says. |
| Chief executive Evgeniy Vereshchagin said LDV would continue to look for funding until 6 May when its court application was due to be considered. | Chief executive Evgeniy Vereshchagin said LDV would continue to look for funding until 6 May when its court application was due to be considered. |
| He said employees had been paid up to the end of last week, but that the firm could not confirm any further payments. Staff were told to stay away from work. | He said employees had been paid up to the end of last week, but that the firm could not confirm any further payments. Staff were told to stay away from work. |
| Birmingham-based LDV could not be immediately reached for comment. | Birmingham-based LDV could not be immediately reached for comment. |
| Most of LDV's 850 production workers were laid off in December, when production at the plant largely stopped. | Most of LDV's 850 production workers were laid off in December, when production at the plant largely stopped. |
| "During the past few weeks, the global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position without funding indefinitely," Mr Vereshchagin said in the letter. | "During the past few weeks, the global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position without funding indefinitely," Mr Vereshchagin said in the letter. |
| Earlier, Erik Eberhardson, the chairman of LDV's Russian owner Gaz, said he believed that LDV could be saved and the management buyout was the best option. | Earlier, Erik Eberhardson, the chairman of LDV's Russian owner Gaz, said he believed that LDV could be saved and the management buyout was the best option. |
| Two overseas investors had also been said to be interested in the company. | Two overseas investors had also been said to be interested in the company. |
| The cancellation of the 2010 British International motor show and a record drop in UK car production are the latest signs of trouble for a sector that has endured a bleak existence for months. | |
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