Reports circulating in Seoul suggest that GM and Daewoo Motor’s creditors will finally sign an agreement tomorrow that will conclude the sale of some of Daewoo Motor’s assets to GM.
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It is reported that the signing ceremony has been arranged for 2 pm local time at the Hilton Hotel in Seoul.
It is expected that under the terms of the final deal, some changes have been made to the MOU signed last September. GM will not now acquire all of Daewoo Motor’s overseas sales units and the original plan to acquire a plant in Egypt has been removed.
Daewoo Motor’s labour union removed the last major stumbling block in the sale negotiations on April 16 when it approved a revised collective bargaining agreement with management.
