March 28, 2018 / 11:32 PM / 6 months ago

GM Korea to ask GM to roll over debt, cut interest rate -source

SEOUL, March 29 (Reuters) - General Motors’ South Korean unit plans to ask its U.S. headquarters to roll over a debt of 980 billion won ($921.61 million) owed by the unit and coming due in April, a source with direct knowledge of the matter told Reuters.

GM Korea also plans to ask GM to cut interest rates on loans extended to the South Korean operation, the source said. The plans were approved by GM Korea’s board late on Wednesday, he said.

A GM Korea spokesman said GM Korea held a board meeting on Wednesday, but he was not aware of decisions made at the meeting.

$1 = 1,063.3600 won Reporting by Hyunjoo Jin Editing by Paul Tait

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