Gov't, KDB announce conditions for additional GM Korea funding
- 6 years ago
After its last minute restructuring deal between labor and management on Monday, GM Korea appears to have sidestepped court receivership,... for the time being at least.
However,... the cash-strapped automaker's future remains dim as Korea Development Bank,... GM Korea's second biggest shareholder has unveiled new conditions for injecting fresh funds.
According to Yonhap News Agency, the South Korean government and the state-run KDB say they will help fund GM only if the company decides to stay in the South Korean market for more than ten years.
KDB also stressed it will maintain its veto rights, even if its share drops under its current 17 percent level…during GM's debt-to equity swap process.
However,... the cash-strapped automaker's future remains dim as Korea Development Bank,... GM Korea's second biggest shareholder has unveiled new conditions for injecting fresh funds.
According to Yonhap News Agency, the South Korean government and the state-run KDB say they will help fund GM only if the company decides to stay in the South Korean market for more than ten years.
KDB also stressed it will maintain its veto rights, even if its share drops under its current 17 percent level…during GM's debt-to equity swap process.