DETROIT (Reuters) — General Motors Co President Dan Ammann said on Monday the automaker’s troubled South Korean operations can be a “sustainable, profitable business,” if unions and the South Korean government agree quickly on a restructuring.
GM has warned Korean officials the unit faces a “cash crisis” in the first quarter without new funding. Nearly 2 trillion won ($1.88 billion) of GM Korea’s debts to its parent are due by end-March or early April, according to a regulatory filing.
“Time is short and everybody must move with urgency,” Ammann told Reuters in an interview when asked if March 31 was a deadline for action.
The state-funded South Korean Development Bank said on Monday it had begun a due-diligence review of…
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