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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.
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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.
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