March 5, 2018 / 3:32 AM / 7 months ago

South Korea minister says GM Korea union, creditors should share restructuring pain

SEOUL (Reuters) - South Korea’s finance minister said on Monday that General Motors Korea’ creditors and its labor union should share the burden of improving the loss-making operation.

South Korean Finance Minister Kim Dong-yeon in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas

“The unions and creditors should together share the burden, and (restructuring measures) should not be temporary but sustainable,” Kim Dong-yeon told reporters.

GM Korea announced last month it would shut down a factory in Gunsan, southwest of Seoul, and that it was mulling the fate of its three remaining plants in South Korea.

Reporting by Shin-Hyung Lee; Writing by Cynthia Kim; Editing by Edwina Gibbs

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