- Kraft to Formalize Hostile Cadbury Bid on Monday
- GE, Comcast Agree on NBC Universal Valuation: Report
- US Health Care Reforms Face Tough Path in Senate
- Obama Delays Start of Asia Trip to Attend Memorial
- China Urges US to Control Deficit to Stabilize Dollar
- BofA Board in Civil War Over Lewis' Succesor
- US Home Values on the Rise, For Some
- Hottest Zip Codes for Home Prices
- Week Ahead: Stocks Search for Catalyst in Quiet Week
- Tamminen: Why Does Oklahoma Want To Drown New York?
- Food Network, HGTV Drive Scripps Networks' Upside Surprise
- Tommy Lee, Medical Tourism and Nasty Santa, Your Emails
- U.S. Markets Gain 3% for the Week Despite 10.2% Unemployment
- Disney's 'Carol' Tests Widest 3-D Release Ever
- Stimulus II? Jobs Tax Credit=Cash For Clunkers
- Rockwell Automation Earnings: What Options Are Saying
- Gold Will Touch Higher Lows and Higher Highs: Analyst
- Is Misery Alive And Well in Your Office?
MOST SHARED
Text Size 
General Motors's [GM
Loading...
()
] CEO Fritz Henderson reiterated on Thursday the company would take part in any rights offer by its struggling South Korean unit.
 |
AP General Motors Headquarters |
Fritz, speaking to reporters at a GM Daewoo plant on the outskirts of Seoul, also said he had had "very positive" dialogue with the unit's main creditor, the government-run Korea Development Bank (KDB).
"GM has resources around the world. Resources can be used not only from the U.S., including operations here in Korea. We are able to provide support, if necessary," he said, in answer to a question about whether the company would be willing to support any rights offer by its unit.
Last month, GM Daewoo Automotive and Technology said it would raise 491.2 billion won by selling new shares to existing shareholders.
He gave no details, but another GM executive said the issue was still being discussed.
It was not clear whether his remarks meant if he would accept KDB's demands that GM raise more money for GM Daewoo, or face the calling back of maturing loans and foreign exchange forward contracts.
More on CNBC.com:
Henderson is due to meet South Korean President Lee Myung-bak later in the day. Analysts say the government, worried about rising unemployment in the global crisis, is keen to save the South Korean affiliate.
GM and KDB are in talks on 1 trillion won ($863.9 million) of additional financial support for GM Daewoo. GM Daewoo has requested additional loans from banks, including KDB, after using up a $2 billion credit line.
The South Korean unit is a critical hub in Asia for GM, responsible for small car design and engineering.
- Rumors abound that Oprah will leave her show to start a new network. What would this mean for daytime TV?
- A private equity specialist sponsored a stand-up comedy troupe in New York to prove that CEOs can, in fact, be funny.
- Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
- Did Hideki Matsui’s performance make it more likely that the Yankees will pay to have him back?
- Which wines should you bring—or serve—with holiday meals this year? Ask a connoisseur.
- Two competitors in this year’s World Series of Poker in Las Vegas have stories fit for Hollywood.
Data is a real-time snapshot *Data is delayed at least 15 minutes