South Korea prepared to supply short-term loans to GM Korea

SEOUL (Reuters) – South Korea’s state-run Korea Growth Financial institution mentioned on Wednesday it will present short-term loans to Basic Motors’ (GM.N) South Korean unit after April, ought to the corporate cooperate with due diligence.

FILE PHOTO: The principle gate to GM Korea’s Gunsan manufacturing unit is seen in Gunsan, South Korea February 13, 2018. Yonhap by way of REUTERS/File Photograph

The 2 sides have agreed that the due diligence, which began in earnest on Wednesday, would proceed for 2 months, the KDB mentioned in a press release.

GM Korea has beforehand mentioned that with out new funding from its main shareholders it will have a first-quarter “money disaster”.

Reporting by Hyunjoo Jin; Enhancing by Stephen Coates

Yasir Ali
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