Prices in the retail markets have plunged in the past one year. IBM sells its desktop consumer PCs under the brand name Aptiva. The company announced that it plans to pull Aptivas out of US retail channels. However, the company will return once it develops a profitable formula for selling these PCs from store shelves, an IBM spokesperson said. It says it does not require a partner to do business in the region, which it expects to account for 25 per cent of its sales in the long run.
Few creditors expect anything substantial to emerge from the meeting.
If there is no agreement at the meeting, there could be more litigation, which will hamper the current efforts to stop the conglomerate from total disintegration. More than 200 foreign creditors have been invited for the meeting. Daewoo has asked the foreign creditors for a freeze on repayments and on legal efforts to recover the loans until the end of the year. This request is expected to be discussed at the meeting. A confidential company report is understood to have recommended that the division will have to reduce its 4,658-strong workforce to 2,742.