General Motors : GM Korea Media Statement

After failing to reach a tentative agreement with the company by the April 20 deadline, GM Korea's labor union requested an extension to continue negotiations, targeting a tentative agreement by 5 p.m. local Korea time on Monday, April 23.

At a meeting this evening with GM President Dan Ammann and GMI President Barry Engle, senior officials of the South Korean government also requested that GM Korea delay a board vote to commence placing GM Korea into rehabilitation.

These requests were conditionally accepted and the GMK Board adjourned, deferring a decision on the commencement of the rehabilitation process until the board reconvenes on Monday evening on April 23.

Government officials will engage in the negotiations over the weekend in an effort to help reach a tentative labor agreement between the company and the union by 5 p.m. local Korea time Monday.