Import of Daewoo from USA

Daewoo ( ; ; ; lit. "great universe" and a portmanteau of "dae" meaning great, and the given name of founder and chairman Kim Woo-choong) also known as the Daewoo Group, was a major South Korean chaebol (type of conglomerate) and automobile manufacturer. It was founded on 22 March 1967 as Daewoo Industrial and was declared bankrupt on 1 November 1999, with debts of about US$50 billion (equivalent to $ billion in ). Prior to the 1997 Asian financial crisis, Daewoo was the third largest conglomerate in South Korea, behind the Hyundai Group and Lucky-Goldstar (later became LG Corporation). There were about 20 divisions under the Daewoo Group, some of which survived as independent companies.