Downing Street Says

» Monday, February 23, 2009

LDV

Asked how the Government planned to respond to the request for a bridging loan, the PMS said that as Ian Pearson was saying at lunchtime, we had been in close and regular discussion with LDV over recent weeks, as we had with other auto manufacturers. In the first instance, it had to be down to the parent company, in this case Gaz, to put up the funding necessary to secure the business s future as a management buyout. The company had an existing bid in for a loan from the European Investment Bank, which we were supporting.

Asked why he had said in the first instance, the PMS said that we believed the responsibility for funding the future of the business lay in the first instance with the parent company. Asked whether the Government was convinced that Gaz did have a plan to rescue the company, as that was not the understanding from Moscow, the PMS replied that clearly there was a negotiation taking place. Put that the answer was a no in relation to Gaz, the PMS said that he thought we were using a similar form of words that we used in relation to Jaguar Land Rover, where the parent company did provide the funding necessary to get them through a difficult period.

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» Monday, February 23, 2009

LDV

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