GM to provide $3.6 billion funding to South Korean unit in latest move

General Motors has planned to provide $3.6 billion in fresh funding to its struggling South Korean unit, more than its earlier proposed $2.3 billion as part of a preliminary deal, South Korea stated last week.

State-funded Korea Development Bank also stated the U.S. automaker agreed to swap the whole debt owed by its South Korean unit to the headquarters into equity.

The KDB, which controls a 17 percent stake in GM Korea, also prepares to invest an amount of $750 billion in the unit.