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S. Korea Begins Review of GM Korea’s Finances
The state-run Korea Development Bank launched a due diligence process earlier today into whether to help fund a bailout for General Motors Co.’s operations in South Korea.
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The state-run Korea Development Bank launched a due diligence process earlier today into whether to help fund a bailout for General Motors Co.’s operations in South Korea.
KDB says the process is being handled by Samil PricewaterhouseCoopers.
The bank holds a 17% stake in GM Korea, which has posted losses of 3 trillion won ($2.8 billion) over the past four years. GM intends to shut down one of its four factories in Korea in May and is assessing the viability of the other facilities. The U.S. carmaker has asked for $2.8 billion in financial aid from the Korean government, along with concessions from its workers.
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