GM’s South African arm has said it won’t be affected by its parent’s bankruptcy filing.
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GM South Africa isn’t part of the filing in the US and creditors of the parent would have no claim on the South African unit as it hasn’t guaranteed any US obligations or had any of its assets used as security for GM’s obligations, the company said in a statement.
“We continue to generate our own cash and are responsible for our own viability. We are a self-sustaining operation and as such will continue to operate as normal,” said Steve Koch, president and managing director of GM African Operations.
Dow Jones reported that Koch said the unit’s plans to invest in future products that will be assembled at production facilities in Port Elizabeth remain on track.
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