SEOUL (Reuters) – South Korea announced on Thursday that it would offer about 240 billion won ($224.72 million) in loan guarantees and low-interest loans to regions hit by corporate restructuring, including the area of the local unit of General Motors’ <GM.N> soon-to-be-shut factory.
A total of 395 subcontractors, small business owners and workers of Gunsan – the site of GM Korea’s factory that the Detroit automaker plans to shut by May – and Tongyeong are eligible for support, the Ministry of Trade, Industry and Energy said in a statement.
Tongyeong, based south of Seoul, is the home of mid-sized shipyard Sungdong Shipbuilding & Marine which is entering court receivership.
“Crises in industries that take up a…
Read the full article at: https://au.news.yahoo.com/a/39445286/south-korea-to-offer-225-million-loan-to-ease-hit-from-gm-fallout-corp-restructuring/