GM, Korean union reach tentative agreement

General Motors reached a tentative agreement with its South Korean labor union.

The move will reportedly avoid a bankruptcy filing for GM's Korean unit. It also paves the way for support from the Korea Development Bank, a 17 percent owner in GM Korea.

“Ratification of the tentative agreement is critical to our viability plan and securing support of the Korean government and our shareholders, KDB and GM,” GM Korea CEO Kaher Kazem said in a statement. “The labor union has demonstrated its commitment and we continue to work with our other key stakeholders to gain their support.”

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