The automaker plans to close one GM Korea plant and is weighing the fate of three others.
They said this week they need until early May to complete due diligence on GM Korea and the automaker's financial plan before committing public funds.
"Our preferred path remains to find a successful outcome here,"
"It's the right thing for all the stakeholders.But everybody has got to come to the table by next Friday." A spokesman for KDB, which owns 17 percent stake in the unit, declined to comment.
While there were early signs that GM Korea's union may be more accommodating than in the past, tensions have grown.
Last week, some union members entered the office of the GM Korea CEO and destroyed furniture as the automaker was unable to make planned bonus payments.
Talks with the union on Thursday were cancelled after the company demanded security cameras be set up at the site due to safety concerns.
It is also seeking tax incentives and has proposed converting
If GM Korea sought protection in South Korean bankruptcy courts, it could continue to build cars.However, it is not clear where the financing to continue operations would come from.
The unit's creditors and employees also could take financial hits if GM Korea is restructured in court.
Complicating matters, GM Korea must make payments to workers who agreed to leave the company as part of a voluntary severance plan in the week beginning
The unit does not have the cash to make the payments, and
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