April 26, 2018 / 2:03 AM / 3 months ago

GM president says close to resolution to fix its S.Korean unit

SEOUL, April 26 (Reuters) - General Motors Co’s president said on Thursday that it was very close to a resolution to fix its ailing South Korean unit.

“Over the last few months, over the last few weeks a lot of very good progress has been made,” GM President Dan Ammann said in a meeting with South Korean ruling party lawmakers.

On Monday, the Detroit carmaker reached a preliminary deal with its South Korean labour union, winning concessions on pay and bonuses. That led the company to drop a plan to consider filing for bankruptcy. (Reporting by Jane Chung; writing by Ju-min Park; Editing by Edwina Gibbs)

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