GM Korea and union in talks Friday afternoon, seek to ward off bankruptcy
GM Korea and union in talks Friday afternoon, seek to ward off bankruptcy. General Motors’ South Korean unit and its labor union were in a fresh round of wage talks on Friday afternoon, keen to stave off a threat by the U.S. automaker to seek bankruptcy for the loss-making unit.
GM wants wage concessions from the union as well as government funding and incentives to save three factories in the country. One other plant is due to be shut down by May. The Detroit automaker has said the unit, which employs some 16,000 people, is likely to file for bankruptcy if there was no restructuring agreement by Friday. Marathon talks on Thursday failed to reach an agreement. Read more here.
GM Korea preparing to file for court receivership, 300,000 jobs in jeopardy
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