You can’t fault executives at General Motors for remaining calm in the face of adversity. On Thursday Nick Reilly, head of GM’s international operations, told reporters that the US carmaker’s South Korean unit had secured enough funds from a rights offering for operations, debt repayments and foreign exchange contract settlement for up to two years.

So far so good. But while the short-term outlook for GM Daewoo looks much better thanks to last week’s equity injection, GM still wants to secure additional financing for its troubled South Korean unit.