March 14, 2018 / 6:15 AM / 7 months ago

South Korea willing to offer short-term loans to GM Korea

SEOUL (Reuters) - South Korea’s state-run Korea Development Bank said on Wednesday it would provide short-term loans to General Motors’ (GM.N) South Korean unit after April, should the company cooperate with due diligence.

FILE PHOTO: The main gate to GM Korea's Gunsan factory is seen in Gunsan, South Korea February 13, 2018. Yonhap via REUTERS/File Photo

The two sides have agreed that the due diligence, which started in earnest on Wednesday, would continue for two months, the KDB said in a statement.

GM Korea has previously said that without new funding from its major shareholders it would have a first-quarter “cash crisis”.

Reporting by Hyunjoo Jin; Editing by Stephen Coates

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