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GM Korea workers to accept wage freeze if company cancels plant shutdown

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GM Korea workers to accept wage freeze if company cancels plant shutdown

GM Korea Co. workers are willing to accept General Motors Co.'s proposed base wage freeze and removal of bonuses if the car manufacturer scraps its plan to close its Gunsan plant, among other conditions, Yonhap News Agency reported March 15, citing the workers union.

The 13,000-member union is also asking GM to outline its allocation plan for new vehicles to its South Korean plants, provide a specific plan on its capital investment into GM Korea and convert its $2.7 billion outstanding debt into equity, according to the report.

The news comes a day after South Korea's state-run Korea Development Bank was reported to be offering short-term loans to GM Korea to help the company stay afloat if it cooperates with due diligence.

The South Korean arm of the Detroit-based carmaker was also recently reported to be cutting 30% of its workforce and reducing its executive staff.

PricewaterhouseCoopers, on behalf of Korea Development Bank, has already started its due diligence process on the unit and is expected to complete the review by April-end, the news wire added.