From one local company that's fallen on hard times,... to another that's in much deeper trouble.
GM Korea will decide on Monday whether to file for bankruptcy,... after opting to reach an agreement with its labor union on a self-help plan for the ailing company.
As the two parties failed to reach an agreement by the initial deadline proposed by management,... all eyes are on what unfolds in the coming hours.
Kim Hyo-sun tells us more.
April 23rd is D-Day for GM Korea as the company will decide whether to file for court receivership,... depending on the negotiations with its labor union.
The U.S-based automaker delayed the initial deadline for wage negotiations from last Friday,... as it makes a last ditch effort to reach an agreement with its union.
While management and the union are still having difficulties in resuming their talks,... the company has stated that its board of directors plan to meet at 5 p.m. on Monday to approve bankruptcy filing.
The two parties have yet to reach an agreement on the relocation of the workers at the Gunsan plant,... which is due to be closed next month.
Finance Minister Kim Dong-yeon also called for swift but sincere dialogue on the self-help plan that includes shutting down the plant, a wage freeze, giving up bonuses and the suspension of some work benefits.
Meanwhile,... a study shows GM Korea can begin posting profits from 2020 if all sides agree to a comprehensive restructuring plan and the automaker normalizes its operations.
Kim Hyo-sun, Arirang News.
