Mexican Media Brands
UPDATE: No Deal Between GM Korea, Union as Bankruptcy Looms
GM Korea failed to reach a tentative agreement with its labor union today to avert a possible bankruptcy filing. But talks reportedly will continue into Monday.
#labor
Share
GM Korea failed to reach a tentative agreement with its labor union today to avert a possible bankruptcy filing.
But the company’s board deferred taking that step until late Monday, sources tell Reuters. A union official says the two sides have agreed to continue negotiations until Monday afternoon.
General Motors Co. has offered to invest $2.8 billion to revive the struggling subsidiary, but only if it wins government aid and workers agree to concessions. An apparent sticking point in the discussions is job security for almost 700 workers at an assembly plant in Gunsan that GM Korea has vowed to shut down in May.
RELATED CONTENT
-
Marchionne Cancels Trip to Paris Auto Show
Fiat Chrysler Automobiles CEO Sergio Marchionne has cancelled a planned appearance at the Paris auto show on Thursday.
-
UPDATE: UAW, GM Reach Tentative Labor Deal
General Motors Co. and the United Auto Workers union have reached a possible deal on a new four-year labor contract covering some 48,000 of the union’s hourly workers in the U.S.
-
UAW to Continue GM Strike Pending Contract Ratification
The United Auto Workers union will continue its walkout at General Motors Co. pending ratification of a new four-year labor agreement by union members next week.