The fate of the troubled General Motors Korea will be decided on Friday afternoon as the company is set to hold a board meeting to vote on filing for court receivership later in the evening.

The union and the management resumed negotiations at 1 p.m. at the firm’s headquarters in Bupyeong, south of Seoul as part of last-minute efforts to strike a deal in wage negotiations. 

The two sides held talks for eight hours the previous day, but failed to narrow differences on 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 board meeting is scheduled for 8 p.m. Friday.