GM Korea Won't File For Bankruptcy, But It's Not Out of the Woods Yet

Steph Willems
by Steph Willems
gm korea wont file for bankruptcy but its not out of the woods yet

If you spent the weekend in a state of breathless suspense, allow us to let some air out of that balloon. General Motors’ embattled Korean division, source of America’s smallest GM cars, has pulled back from the brink of bankruptcy after reaching an 11th hour deal with its union.

The tentative bargain opens the door to government assistance for the money-losing automaker, and should keep wee little vehicles rolling out of the country’s assembly plants.

As America-bound crossover, as well as other potential new models. At the end of the day, it’ll take billions in development and retooling to bring the company fully back from the brink.

[Source: Reuters] [Image: General Motors]

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  • Redapple Redapple on Apr 23, 2018

    More Deadweight More Deadweight >Repeat

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    • DeadWeight DeadWeight on Apr 23, 2018

      "Honesty is more than not lying. It is truth telling, truth speaking, truth living, and truth loving." James E. Faust "I hate a liar more than I hate a thief; a thief is after my salary, a lie is after my reality." 50 Cent

  • Inside Looking Out Inside Looking Out on Apr 23, 2018

    What would you expect. The bankrupt company (Daewoo) owned by another bankrupt company (GM) goes bankrupt. I used the word "bankrupt" three times in one 12-word sentence. Can you beat beat that?

  • Cprescott I remember when Fords were affordable.
  • Cprescott As a once very LOYAL FORD buyer, I had to replace my 22 year old Ford (bought new in 1997) once it finally started to have problems at 180k miles. I would have gladly purchased something like this from Ford but they abandoned me as a car buyer. Oddly, Hyundai still builds cars in a variety of flavors so I became a customer of theirs and am very happy. Likely will consider another once this one gets up in mileage.
  • SCE to AUX A friend once struck a mounted tire that was laying flat in the middle of her lane on the PA Turnpike. She was in a low late-90s Grand Prix, and the impact destroyed the facia, core support, radiators, oil pan, transmission, subframe, and suspension. They fixed it all.
  • Dukeisduke Lol, it's not exactly a Chevrolet SS with Holden badging.
  • Dukeisduke Years ago, I was driving southbound along North Central Expressway (south of Mockingbird Lane, for locals), and watched a tire and wheel fall out of the bed of a pickup (no tailgate), bounce along, then centerpunch the front end of a Honda Accord. It wasn't pretty.