The labor union and management of General Motors(GM) Korea again failed to narrow differences during wage negotiations, a day before the deadline the company had set for filing for bankruptcy. 

The union and the management held talks for about eight hours from 2 p.m. on Thursday at the firm’s headquarters in Bupyeong, south of Seoul.

The two sides remain at odds over cost-cutting plans and measures for workers at the Gunsan plant, due to be shut down next month.

The management said that if the union accepts a cut in welfare benefits estimated at 100 billion won, the company would consider reviewing measures for about 680 workers at the Gunsan plant. 

However, the union insisted that the company should first ensure the Gunsan workers' job security and vow to make fresh investments, calling for an overall package deal. 

The two sides are expected to resume negotiations on Friday to reach an agreement.

The company plans to hold a board meeting on Friday evening to vote on filing for court receivership.