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KDB chief sees 'some progress' in talks with GM on GM Daewoo
SEOUL, July 30 (Yonhap) -- The head of South Korea's state-run Korea Development Bank (KDB) said Thursday he saw "some progress" in negotiations with General Motors Corp. to offer emergency funds to GM's local unit.
The KDB and GM have been in talks to provide financial aid to GM Daewoo Auto & Technology Co. as the debt-swamped local unit is suffering from a liquidity crisis, hit by woes from the U.S. auto giant.
"There is some progress in talks with GM headquarters," said KDB Chief Executive Officer Min Euoo-sung. "A conclusion would be made by the end of August, including whether to support (GM Daewoo)."
Min didn't elaborate further. Officials at GM Daewoo weren't immediately available for comment.
GM emerged from bankruptcy protection early this month after the U.S. government took control of a majority stake in the world's second-largest carmaker.
GM Daewoo is seeking 1 trillion won (US$809.1 million) in emergency loans from the KDB.
The talks had reportedly faltered on GM's refusal to offer part of its GM Daewoo stake as collateral, as requested by the South Korean bank.
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