GM Korea May Have Avoided Bankruptcy at the Last Minute

General MotorsSouth Korean unit appears to have avoided bankruptcy at the last minute, thanks to a tentative wage deal with unions.

GM Korea said in February that it was considering shutting down one of its four plants in the country, and even outright liquidation, which is what bankruptcy entails in South Korea. The operation has been hemorrhaging money for years--demand is down largely thanks to GM having withdrawn the Chevrolet brand from Europe.

Essentially, GM Korea has a choice...

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