General Motors and South Korea have agreed to inject $4.35 billions into the carmaker’s loss-making local arm to keep it afloat after it came close to seeking bankruptcy protection.
GM has been struggling to turn round the debt-laden unit, which has been hit by GM’s exit from Europe where it used to export many of its cars. GM Korea has announced plans to close one of its four South Korean plants and let go 2,600 workers.
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