GM Completes 3 Tln Won Debt-to-Equity Swap for GM Korea

Write : 2018-06-14 17:42:33 Update : 2018-06-14 18:45:41

GM Completes 3 Tln Won Debt-to-Equity Swap for GM Korea

General Motors(GM) has finalized efforts to improve the fiscal health of its South Korean unit.

According to industry sources on Thursday, GM completed a two-point-eight billion dollar debt-to-equity swap for GM Korea on Tuesday.

GM Korea has also increased capital by 863 billion won using GM’s operating fund. 

Part of the three-point-88 trillion won funneled to GM Korea will be used as severance payment for its retired workers or to fund unpaid bonuses for its employees. 

GM Korea is also talking with its main creditor, the state-run Korea Development Bank, to receive a capital injection of around 400 billion won. 

KDB earlier promised to provide around 800 billion won in financial assistance for the cash-strapped automaker this year. 

[Photo : KBS News]

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