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GM to Submit Opel Rescue Plan This Week?

Even if company officials explained that a final restructuring plan for Opel won't be revealed before mid-December, it appears that the US-based manufacturer intends to submit its proposal to European governments this week. Nick Reilly, currently working as Opel/Vauxhall CEO, traveled to Brussels this week to meet with EU officials including German Deputy Economy Minister Jochen Homann and Kris Peeters, the premier of Flanders where Opel has a factory.

After the first round of negotiations, Peeters said that General Motors will most likely reveal its restructuring plan this week. A new meeting is scheduled to take place on December 4 when the involved parties will discuss the potential aid that might be offered to GM.

"General Motors made one point very clear, 100 percent clear, the restructuring plan could only be achieved when European member states with Opel plants give some financial help,"
industry commissioner, Guenter Verheugen, was quoted as saying by Reuters. "So the plan works only with state aid. The idea that General Motors can finance this on its own was not shared by General Motors, this possibility does unfortunately not exist."

Nick Reilly said in a statement that General Motors wants to act faster in the Opel case and find a solution as soon as possible.

"I have been on this job for only 10 days, but I am keenly aware that we cannot let this situation linger. Time is not on our side. I cannot make excuses for things done in the past, but we can move forward. I intend to present by mid-December a sustainable plan that is in the best interest of Opel and Vauxhall; one with clearly defined, achievable results,"
he explained.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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