Mexican Media Brands
Protesting GM Korea Workers Raid Executive Office
About a dozen South Korean union workers forced their way into General Motors Co.’s executive offices in Incheon yesterday to protest cancelled bonuses, Bloomberg News reports.
#labor
Share
About a dozen South Korean union workers forced their way into General Motors Co.’s executive offices in Incheon yesterday to protest cancelled bonuses, Bloomberg News reports.
A video shows workers ransacking the CEO’s office, removing a desk and kicking and throwing chairs. GM Korea says the group was protesting a decision to cancel worker bonuses due to the unit’s cash crisis. GM Korea has said it needs to raise $600 million in operating funds by the end of April to avert bankruptcy.
Korea’s minister of trade, industry and energy warns that another such labor incident will make it “difficult” for the company to gain public and government support for a turnaround plan.
GM Korea faces a cash call on debt this month. The company describes bankruptcy as inevitable unless it wins concessions from the union and bailout funding from the Korean government. In return, the unit’s U.S. parent has offered to swap $2.7 billion in debt for equity and invest $2.8 billion to update facilities and add new products.
RELATED CONTENT
-
Japanese Models Top “Most-American” List
The five most “American” models sold in the U.S. in terms of local content and labor all carry Japanese brands, says Cars.com.
-
GM Offers Buyouts to 18,000 Salaried Workers
General Motors Co. is launching a new round of buyouts for about 18,000 of its 50,000 white-collar employees in North America.
-
GM Unit Stresses Driver Training in Autonomous Cars
General Motors Co.’s Cruise Automation unit says it puts backup drivers and auditors through extensive training before allowing them to participate in real-world autonomous vehicle tests.