GM and Daewoo Motor creditors have resolved most remaining obstacles in the acquisition negotiations and are on target to sign the final contract next week, according to reports in the Korean media.
An official at the main creditor, Korea Development Bank, told The Korea Herald that lawyers representing both sides are now in the process of drawing up the final contract text after ironing out all the remaining barriers, including labour issues.
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The newspaper also says that Daewoo management and GM are said to have accepted the labour union’s demands for job guarantees and the reinstatement of about 250 of the 1,750 Daewoo workers laid off last year.
The report adds that different sources are attaching different probabilities to different dates for the final inking of the deal.
The article also says that one source claims there is already agreement that Daewoo cars sold in the US will use GM brands only.
