Confusing future of South Korean General Motors
South Korean General Motors and its trade union failed to reach an agreement on wages. The ongoing talks aimed at stopping the bankruptcy of the loss-making entity.
In February, GM announced an important plan to reorganize the company and sought support from trade unions, as well as government financial support to encourage the company to save three factories in the country. One of the plants is to be closed by May. An American car manufacturer has said earlier that without the restructuring agreement, the entity is likely to seek protection from bankruptcy by Friday.