GM Korea drops bankruptcy vote plan after last-minute wage deal
GM Korea drops bankruptcy vote plan after last-minute wage deal. General Motors' South Korean unit dropped a plan to consider filing for bankruptcy after winning concessions on pay, bonuses, and benefits from its labor union in a tentative deal reached on Monday.
The deal will pave the way for nearly $500M in fresh capital injection by the South Korean government, providing much-needed liquidity to GM Korea to pay employees and its suppliers, but slumping vehicle sales and low factory run-rates raise questions about its longer-term future. Read more here.
The arrangement will make ready for almost $500 million in new capital infusion by the South Korean government, giving truly necessary liquidity to GMKorea to pay workers and its providers, however drooping vehicle deals and low processing plant run-rates bring up issues about its more drawn out term future.
The concessions by GM Korea's capable vehicle association are relied upon to store weight on other auto associations for comparative moves, when South Korea's automobile industry is thinking about higher work costs and drowsy request from the United States and different markets.
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