General Motors Korean division and its union workers have reportedly failed to reach an agreement. The company has previously said Friday, April 20th is the deadline before GM Korea will file for bankruptcy.
Reuters is reporting a GM Korea spokesperson has confirmed the two parties have failed to reach any agreements thus far, but will continue talking throughout the day. The two parties have been negotiating since February, trying to reach a deal that includes wage concessions and the closure of one of its four assembly plants in South Korea.
The talks have become contentious in recent weeks, with GM Korea having to ban union employees from company properties after the CEO’s office was ransacked.
GM had said previously that a failure to reach an agreement with the union by today would lead to the company using bankruptcy to restructure its loss-producing GM Korea division. The company is also seeking assistance from the Korea Development Bank, who is already a stakeholder in GM Korea.