UPDATED: 4/20/18 6:43 am ET - adds details
SEOUL -- General Motors' South Korean unit and its labor union failed to reach a wage deal, a spokesman of the unit said Friday, after talks that sought to stave off a threat of bankruptcy for the unprofitable operation.
GM Korea plans to hold a board meeting at around 8 pm local time Friday to discuss filing for a court-led rehabilitation proceeding as planned, a source familiar with the matter said.
GM and the labor union plan to continue talks until 5 pm local time on Monday, a union official said in a text message.
The two sides plan to hold another round of talks on Saturday, the union official said.
GM unveiled a major revival plan for the unit in February and has been seeking wage concessions from the union as well as government funding and incentives to save three factories in the country. One other plant is due to be shut down by May.
The U.S. automaker had previously said that without a restructuring deal by Friday, the unit would likely seek bankruptcy protection.