(MENAFN) The board of GM Korea Co. will decide whether to file for court protection next week while it makes a last ditch effort to reach an agreement with its union on restructuring measures.
The company's board of directors was widely expected to approve the bankruptcy protection this week, but it decided to delay making a decision until its meeting Monday.
According to the finance minster, their failure in reaching an agreement over the restructuring plan will directly threaten 14,000 jobs at GM Korea and 140,000 other posts at subcontractors.
He urged GM solidify a mid- to long-term investment plan for the Korean unit and called on the union to share the burden of cost-cutting efforts.
He said: "The preferred path remains to find a successful outcome here. It's the right thing for all the stakeholders. But everybody has got to come to the table."
MENAFN2104201800450000ID1096750561
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.