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| LDV administration delayed a week | |
| (30 minutes later) | |
| Moves to place Birmingham-based van maker LDV into administration have been adjourned until 13 May. | |
| Malaysian firm Weststar is said to be on the verge of taking over LDV after the van maker was offered a £5m four-week loan from the government. | Malaysian firm Weststar is said to be on the verge of taking over LDV after the van maker was offered a £5m four-week loan from the government. |
| Negotiations between Weststar, LDV and UK government officials continued into Tuesday night to finalise the deal. | Negotiations between Weststar, LDV and UK government officials continued into Tuesday night to finalise the deal. |
| The government and Weststar will make a joint announcement at 1400 BST about the company's future. | |
| LDV had been set to go into administration on Wednesday, raising redundancy fears for 850 workers. | LDV had been set to go into administration on Wednesday, raising redundancy fears for 850 workers. |
| Thousands working at other companies could also have lost their jobs. | Thousands working at other companies could also have lost their jobs. |
| 'Good investment' | 'Good investment' |
| The chief executive of the Society of Motor Manufacturers and Traders, Paul Everitt, said the rescue deal was a vote of confidence in the industry. | The chief executive of the Society of Motor Manufacturers and Traders, Paul Everitt, said the rescue deal was a vote of confidence in the industry. |
| We are delighted at the government's backing for this company Tony Woodley, Unite union | We are delighted at the government's backing for this company Tony Woodley, Unite union |
| "I think it does signal that there are now investors out there taking a longer term view and they see the UK motor industry as being a good investment - an industry that has a strong future, particularly one that is already ahead and embracing the low carbon agenda," he said. | "I think it does signal that there are now investors out there taking a longer term view and they see the UK motor industry as being a good investment - an industry that has a strong future, particularly one that is already ahead and embracing the low carbon agenda," he said. |
| Business minister Ian Pearson said a sale to Weststar offered a chance of keeping the factory in the UK. | Business minister Ian Pearson said a sale to Weststar offered a chance of keeping the factory in the UK. |
| Guy Jones, a spokesman for LDV, told the BBC: "This is not the end of the process but it is very good news for everybody. | Guy Jones, a spokesman for LDV, told the BBC: "This is not the end of the process but it is very good news for everybody. |
| Advertisement | Advertisement |
| Ex-LDV worker on company's problems | Ex-LDV worker on company's problems |
| "This is a significant step. This is the government getting involved, which we've asked them to do for a long time. | "This is a significant step. This is the government getting involved, which we've asked them to do for a long time. |
| "It is important to stress this is not a deal being done but they are going to provide assistance for a a deal to be completed." | "It is important to stress this is not a deal being done but they are going to provide assistance for a a deal to be completed." |
| The government has made it clear the aid is a one-off bridging loan which could not be extended. | The government has made it clear the aid is a one-off bridging loan which could not be extended. |
| Hopeful sign | Hopeful sign |
| A deal would bring some rare good news for the beleaguered motor industry, which has been battered by the recession. | A deal would bring some rare good news for the beleaguered motor industry, which has been battered by the recession. |
| WHO IS WESTSTAR? Privately-owned Malaysian company, founded in 2003Runs Honda car dealerships across Malaysia Has been selling LDV's Maxus van in south east Asia and the Middle East since 2007Employs about 200 staff in Malaysia | |
| The Birmingham-based business and plant has been at a near standstill since before Christmas. | The Birmingham-based business and plant has been at a near standstill since before Christmas. |
| About 800 people are employed at LDV's Birmingham factory and about 1,200 people employed in dealerships. | About 800 people are employed at LDV's Birmingham factory and about 1,200 people employed in dealerships. |
| Mr Pearson said: "Whilst completion of the deal is not certain, it would have been irresponsible of the government not to support it going forward." | Mr Pearson said: "Whilst completion of the deal is not certain, it would have been irresponsible of the government not to support it going forward." |
| It is understood LDV and Weststar had reached a deal earlier in the week, but that it relied on the short-term UK government financing. | It is understood LDV and Weststar had reached a deal earlier in the week, but that it relied on the short-term UK government financing. |
| 'Long way to go' | 'Long way to go' |
| Following the news of the government loan, Tony Woodley, joint general secretary of trade union Unite, said they were "delighted at the government's backing for this company". | Following the news of the government loan, Tony Woodley, joint general secretary of trade union Unite, said they were "delighted at the government's backing for this company". |
| "There's a long way to go yet, but now thoughts can turn to building a serious and successful future for this company, and to getting these men and women, who have not built a vehicle in months, back to work," he said. | "There's a long way to go yet, but now thoughts can turn to building a serious and successful future for this company, and to getting these men and women, who have not built a vehicle in months, back to work," he said. |
| In February, LDV asked the government for a bridging loan because it was "literally running out of cash". | In February, LDV asked the government for a bridging loan because it was "literally running out of cash". |
| At the time the government said the taxpayer could not be expected to pay for the company's losses, but that talks with LDV were "ongoing and regular". | At the time the government said the taxpayer could not be expected to pay for the company's losses, but that talks with LDV were "ongoing and regular". |
| LDV, which was put up for sale by its Russian owner Gaz late last year, has a long-term association with Weststar making LDV commercial vehicles in Malaysia. | LDV, which was put up for sale by its Russian owner Gaz late last year, has a long-term association with Weststar making LDV commercial vehicles in Malaysia. |
| Are you affected by the issues in this story? Do you work for LDV? Send us your comments. | Are you affected by the issues in this story? Do you work for LDV? Send us your comments. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |