Daewoo or the Daewoo Group was a major South Korean conglomerate and car manufacturer. Its name is taken from the first name of founder and chairman Kim Woo-jung. It was founded on 22 March 1967 as Daewoo Industrial and was declared bankrupt on 1 November 1999. Prior to the Asian financial crisis, Daewoo was the second largest conglomerate in Korea after Hyundai Group, followed by LG Group and Samsung. There were about 20 divisions under the Daewoo Group, some of which survive today as independent companies.