INCHEON, May 3 (Korea Bizwire) — Temporary employees at GM Korea were not included in the negotiation process between GM Korea and its labor union concerning wages. Nor were they included in the talks between GM Korea and the government on a recapitalization deal. The new deals for GM Korea did not leave the some-2,000 [...]
SEOUL, April 23 (Korea Bizwire) – Union workers at GM Korea Co. on Monday accepted tough restructuring measures that will allow the company to stay clear of court receivership, although many hurdles still remain on the carmaker’s path toward a turnaround. After nearly three months of negotiations, the South Korean unit of General Motors Co. [...]
SEOUL, Apr. 23 (Korea Bizwire) — GM Korea Co. the local unit of leading U.S. automaker is capable of pulling off an overall surplus in its business operations in 2020 if all sides can agree to a comprehensive restructuring plan, a preliminary report said Sunday. According to financial market sources, the due diligence being carried [...]
SEOUL/INCHEON, April 19 (Korea Bizwire) – General Motor Co.’s South Korean unit and its labor union have been holding last-minute negotiations on Thursday over a turnaround plan, a day before the deadline that would see GM Korea file for bankruptcy. The Detroit automaker, which announced in February that it will shut down its Gunsan plant by May, has said GM Korea will file for [...]
SEOUL, Apr. 15 (Korea Bizwire) — U.S. automobile giant General Motors Co. hinted at possible willingness to withdraw the planned debt-for-equity swap for GM Korea Co., in an apparent bid to induce the state creditor to pump more cash into the financially-troubled South Korean unit, industry sources said Sunday. According to the sources, GM Executive [...]
SEOUL, Apr. 10 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., said Monday it will pay monthly salaries to its employees this month despite a liquidity crisis. In a letter sent to employees, GM Korea President and Chief Executive Kaher Kazem said the company will provide part of the [...]
SEOUL, Apr. 9 (Korea Bizwire) — The South Korean unit of the U.S. auto giant GM Motors is currently facing difficulties paying its workers and subcontract companies as it faces a serious liquidity crunch, industry watchers said Sunday. According to corporate sources, Kaher Kazem, the CEO of GM Korea, recently organized a staff meeting, where [...]
SEOUL, April 6 (Korea Bizwire) – The South Korean government on Friday urged General Motors’ Korean unit to resume negotiations with its labor union to normalize its business as an intensifying labor dispute is complicating the automaker’s turnaround plan. A tug-of-war between GM Korea and its workers has turned more combative after some union leaders took over the office of GM Korea President Kaher Kazem at the [...]
SEOUL, April 5 (Korea Bizwire) – The head of GM Korea Co., the South Korean unit of General Motors Co., said on Thursday the company now faces a cash crisis and cannot pay bonuses as agreed upon in the 2017 wage agreement. In a message sent to employees, GM Korea President and Chief Executive Kaher [...]
SEOUL, Apr. 2 (Korea Bizwire) – GM Korea’s brand value has taken a hit amid a plant shutdown and labor-management conflicts, with its Chevrolet Spark and Malibu models slipping in the rankings. According to data released by Brandstock on Sunday, the Chevrolet Spark failed to rank in the top 100 most valuable brands in the South [...]