Struggling British van maker is using stock to pay off debts
17 March 2009

Beleaguered van manufacturer LDV is using its own products to help pay its debts.

LDV is using vans as part-payment of money it owes dealerships and some parts suppliers.

An LDV spokesman was keen to emphasise that this was not an extreme move. 'It is accountancy practice where we have some money owed,' he told the Times newspaper.

Although LDV was bought by Russian billionaire Oleg Deripaska in 2006, bringing it under the same group as car maker Gaz, LDV says it can no longer rely on finance from the Russian automotive giant.

LDV also has to find almost £1m to pay national insurance contributions for its 500-strong workforce.

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