GM Cuts Korean Debt

GM 's Korean subsidiary will pay off its revolving credit facility.
By Ted Reed ,

DETROIT (

TheStreet

) --

General Motors'

(GM) - Get Report

debt reduction efforts have spread to its Korean subsidiary.

The automaker said GM Daewoo will fully replay its revolving credit facility this month. The balance was $1 billion as of Sept. 30. GM owns 70% of Daewoo.

"Following our successful IPO, we will continue to take opportunities to strengthen our balance sheet," said CFO Chris Liddell, in a prepared statement. "Our objective remains to have minimal debt and a fully funded pension plan."

As in the U.S, auto sales in Korean have risen this year and are up 33% through November.

-- Written by Ted Reed in Charlotte, N.C.

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Ted Reed

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