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GM sticks to April 20 deadline for Korea restructuring, unit logs $1 billion loss

Reuters  |  DETROIT/SEOUL 

By Joseph White and Hyunjoo JinDETROIT/SEOUL (Reuters) - General Motors Co's president said common ground must be reached on a long-term financial restructuring of GM's South Korean auto unit by next Friday and if there was none, the operation would likely seek bankruptcy protection. GM shocked South Korea in February with plans to close one local plant and leaving the fate of three others unclear. It is seeking government funding and incentives as well as wage concessions to save the unit, which just posted an annual net loss of $1.1 billion, its fourth straight year in the red.But the April ...

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First Published: Fri, April 13 2018. 15:27 IST