EXPLAINER-As GM mulls options for unit, how does bankruptcy work in S.Korea? [Reuters]
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Source: Reuters
As GM mulls options for unit, how does bankruptcy work in South Korea? | Reuters Reuters Staff 4 Min Read SEOUL (Reuters) - General Motors ( GM.N ) has said its loss-making South Korean operation would file for bankruptcy if its union failed to agree to cut labor costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan. The Detroit carmaker said in February it would shut one of its four factories in South Korea, and asked for government support and union concessions to stay in the country. GM has warned that it would file for bankruptcy if there isn’t a restructuring deal by Friday, as the Korean operation is running out of cash to pay employees and suppliers amid slumping sales. But it could still avoid filing for bankruptcy protection. The head of Korea Development Bank (KDB) told Reuters this week that the state-run bank may sign a preliminary deal next week to extend financial support for GM Korea. Here is a look at how South Korea’s
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