SEOUL, May 10 (Yonhap) — The South Korean government and General Motors Co. reached an agreement Thursday to spend 7.7 trillion won (US$7.16 billion) on keeping the troubled South Korean unit of the U.S. carmaker afloat.
The agreement reached between Seoul’s finance minister and GM International President Barry Engle also calls for the Detroit-based automaker to convert $2.8 billion worth of debt into investment.
The state-run Korea Development Bank will provide some $750 million in funds.
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