28.10.2002
GM finalizes details on agreements with Isuzu

GM has finalized details on agreements with Isuzu Motors Ltd. relating to Isuzu's previously announced three-year business plan.

GM has finalized details on agreements with Isuzu Motors Ltd. relating to Isuzu's previously announced three-year business plan. In addition to the GM agreements, Isuzu announced that it had reached agreement on broad financial restructuring with its banks including Mizuho Corporate Bank. GM, Isuzu and the banks expect to finalize all transactions by calendar-year-end.

Under the restructuring proposal, GM will spend a total of Y60 billion (U.S.$500 million). Of this total expenditure, about Y50 billion (U.S.$420 million) will be used to acquire a majority interest in certain of Isuzu's diesel engine businesses and complete ownership of Duramax, Circle L 1.7-liter and V-6 diesel engine technologies.