Angela Merkel wants to see Opel’s restructuring plan a.s.a.p.

Article by Christian A., on August 27, 2010

In response to the uproar caused by its choice to throw out months of negotiations with parts supplier Magna International Inc., General Motors Co. confirmed that it is preparing a plan to restructure Opel. It also said that it's possible that it would pay off debt due this month.

Last week, the GM board decided to keep Opel and to seek government aid in Europe for a restructuring plan expected to cut thousands of jobs.

German Chancellor Angela Merkel, who had heavily supported for the Magna-led takeover of Opel, discussed with U.S. President Barack Obama her concerns about the decision.

Through the phone, President Obama told Merkel that he had not been involved in the sudden decision, which has angered the German government.

Merkel had stated clearly that the German government would urge General Motors to present a new plan as quickly as possible and to repay bridge financing by the end of November.

Meanwhile, Hesse state Premier Roland Koch, who also advocated heavily for Magna's bid, told rallying workers at Opel headquarters last Thursday that he would fight for the firm. He warned GM not to "maximize profits by taking German workers hostage." He emphasized, "We want Opel to continue to exist."

Topics: gm, plan, germany

If you liked the article, share on:

Comments

Recommended

A racing team is claiming that it has managed to break the lap record in its category in the ever-demanding Nurburgring circuit in 2016 while driving a road-going Volvo S60...
by - May 27, 2017
Aside from the officially confirmed BMW 8 Series, the next generation BMW M5 (F90) is getting a lot of attention from the fans, enthusiasts and even potential customers around the...
by - May 27, 2017
Automobili Lamborghini’s preparations for the production of its first ever sports utility vehicle, the new Lamborghini Urus, has reached new grounds as the Italian carmaker is disclosing plans to construct...
by - May 26, 2017
The upscale version of the GMC Yukon body-on-frame sport utility vehicle – the GMC Yukon Denali – has been refreshed for the 2018 model year. It now sports a new...
by - May 26, 2017
The largest gathering of Volkswagen and Audi cars in Europe is underway, and the German premium carmaker is displaying the third model of its G-Tron range at the 2017 Worthersee...
by - May 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries