The new company will also assume U.S. $573 million of primarily operating liabilities. The new company will also acquire inventories associated with the acquired assets with a value of U.S. $385 million. Long-term committed working capital facilities of U.S. $2 billion will be provided to the new company by the South Korean creditors. Provisions will be made to ensure that Daewoo's existing customer warranty obligations are satisfied following completion of the transaction. For those overseas manufacturing facilities of Daewoo Motor Company that are not being acquired by the new company, several will continue to be supplied parts, components and technical assistance from the new company for a period of time. Many of the existing sales subsidiaries in Western Europe will be acquired by the new company. In the United Kingdom, the sales subsidiaries will not be acquired and it is intended that a new sales operation be created. The distribution set-up in other European markets, which has been handled by independent importers will be reviewed. It is intended that the new company will establish a European Operations Center to direct and coordinate its business in Europe. Nick Reilly will serve as president and chief executive officer of the new company. In the interim, a transition team consisting of Daewoo management, and management personnel from GM and its business partners will be appointed to ensure a successful startup after closing. 
