GM and Opel staff agree on revamp
By Juergen Baetz |
May 22, 2010, Saturday
|
Print Edition
Print Edition
GENERAL Motors Co and the workers at the auto maker's ailing Adam Opel GmbH unit have reached an agreement on a restructuring plan, an official said yesterday.
The official spoke on condition of anonymity because he was not authorized to discuss the matter before it was officially announced.
Several "complex details" of the company's comprehensive restructuring plan still have to be discussed, the person said.
Opel spokesman Ulrich Weber would only confirm that a press conference would be held, featuring Chief Executive Nick Reilly and Klaus Franz, head of the employee council.
German newspaper Frankfurter Rundschau reported that Opel's workers would accept pay cuts in exchange for a stake in the company. Weber did not comment on the report.
While details of the emerging restructuring plan remained sketchy, United States-based GM was still hoping for state aid to turn around its European subsidiaries.
The German news weekly Focus reported that Reilly sent a letter to Economy Minister Rainer Bruederle stressing the need for 1.3 billion euros (US$1.6 billion) in state aid. A ministry spokeswoman confirmed receiving the letter but refused to discuss its content, citing confidentiality.
GM applied for state aid of some 2.7 billion euros from European governments in loans and loan guarantees, Reilly said in February. The pending request to the German government is now being examined, government officials said earlier this week.
Last year, the US auto maker abandoned plans to sell Opel to investors and kept it instead. GM has roared back from bankruptcy to a quarterly profit in less than a year.
The official spoke on condition of anonymity because he was not authorized to discuss the matter before it was officially announced.
Several "complex details" of the company's comprehensive restructuring plan still have to be discussed, the person said.
Opel spokesman Ulrich Weber would only confirm that a press conference would be held, featuring Chief Executive Nick Reilly and Klaus Franz, head of the employee council.
German newspaper Frankfurter Rundschau reported that Opel's workers would accept pay cuts in exchange for a stake in the company. Weber did not comment on the report.
While details of the emerging restructuring plan remained sketchy, United States-based GM was still hoping for state aid to turn around its European subsidiaries.
The German news weekly Focus reported that Reilly sent a letter to Economy Minister Rainer Bruederle stressing the need for 1.3 billion euros (US$1.6 billion) in state aid. A ministry spokeswoman confirmed receiving the letter but refused to discuss its content, citing confidentiality.
GM applied for state aid of some 2.7 billion euros from European governments in loans and loan guarantees, Reilly said in February. The pending request to the German government is now being examined, government officials said earlier this week.
Last year, the US auto maker abandoned plans to sell Opel to investors and kept it instead. GM has roared back from bankruptcy to a quarterly profit in less than a year.
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