General Motors has reached an 11th hour deal with its South Korean union to stop it from filing for bankruptcy for GM Korea. General Motors had announced plans to file for a bankruptcy for its Korean unit if it couldn't reach a cost-cutting deal with its union. GM (GM) also sold about 2,000 Cadillacs in South Korea that were built in US auto plants. But most of the output of the South Korean plants went for exports, including to the United States. Still, GM had said would invest $2.8 billion in the South Korean unit if it could reach deals with both the union, the Korean Development Bank and the South Korean government to create a more competitive business model.

Source: CNN April 23, 2018 19:09 UTC