Word: daewoo
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Dates: during 2000-2009
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Hyundai and Kia are defying a tradition that has put all their compatriots out of business except Daewoo, which is sputtering. As Korea lurched toward democracy and full-scale industrialization in the late 1980s, labor unrest worsened quality problems in carmaking and other industries. The Asian financial crisis struck another blow in 1997. Kia (then independent) went bust, to be absorbed by Hyundai. Daewoo, Korea's second largest automaker, filed for bankruptcy last year with estimated debts of $17 billion. Its fate now depends largely on whether General Motors can negotiate a takeover...