South Korean government and GM Korea to sign MOU, formally ending negotiations on self-rescue plan
- 6 years ago
The South Korean government is drawing a line under negotiations that have stretched back months... on a self-rescue plan for the cash-strapped Korean unit of General Motors.
Finance Minister Kim Dong-yeon said Wednesday that the government and the Detroit-based auto giant will formally end talks on Thursday with the signing of a memorandum of understanding.
This comes after GM agreed to maintain its operations in South Korea for at least another decade in return for financial aid from the South Korean government.
The two sides have been locked in talks over the self-rescue plan since February, when GM announced it was slashing jobs and closing one of its four plants in South Korea.
Finance Minister Kim Dong-yeon said Wednesday that the government and the Detroit-based auto giant will formally end talks on Thursday with the signing of a memorandum of understanding.
This comes after GM agreed to maintain its operations in South Korea for at least another decade in return for financial aid from the South Korean government.
The two sides have been locked in talks over the self-rescue plan since February, when GM announced it was slashing jobs and closing one of its four plants in South Korea.