GM's Opel agrees to restructuring plan
Opel, the German unit of General Motors, has agreed to a reorganization plan aimed at saving as many jobs as possible. The plan includes a request for 3.3 billion euros in government aid and allows private investors to buy-up more than a quarter of the division. A protest by Opel workers yesterday demanded that Opel break-off from GM entirely, but according to the plan the unit will remain linked to the U.S. automaker. While the German government has prioritized saving jobs at Opel, lawmakers have not yet agreed to state funding for the car maker. Officials have asked for ?more depth? before using taxpayer money to bailout the firm. Leaders are also concerned about balancing German interests in saving German jobs, with GM labor's interest in sharing job cuts across the EU to save plants.
See "GM's Opel agrees to restructuring plan", Christiaan Hetzner, February 26, 2009