GM Korea holds board of directors meeting over ongoing crisis
Arirang News
2018-02-23
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GM Korea's board of directors are meeting today to discuss money matters surrounding its Gunsan plant.
They are set to discuss whether to extend the maturity date on some 644-million-dollars borrowed from GM's U.S.-based headquarters in 2012.
The initial deadline of December last year had already been extended to the end of this month.
The company says it will decide on the future of its plants in Korea based on discussions with the South Korean government and GM Korea's labor union.
Speaking on the issue,... Korea's finance minister said due diligence *must be completed before taking any action.
He added that GM should play a 'responsible role', that the Korea Development Bank and GM's local labor union should 'share the pain', and that any plan shouldn't just be a short term fix.
They are set to discuss whether to extend the maturity date on some 644-million-dollars borrowed from GM's U.S.-based headquarters in 2012.
The initial deadline of December last year had already been extended to the end of this month.
The company says it will decide on the future of its plants in Korea based on discussions with the South Korean government and GM Korea's labor union.
Speaking on the issue,... Korea's finance minister said due diligence *must be completed before taking any action.
He added that GM should play a 'responsible role', that the Korea Development Bank and GM's local labor union should 'share the pain', and that any plan shouldn't just be a short term fix.
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