GM Wants $4.9 Billion from the EU

Remember a few weeks back, when, GM's CEO Fritz Henderson said that, if needed, GM could make ends meet by itself and repay the European countries for the money they received this year? Apparently, GM doesn't remember, as it asked yesterday for the financial help of the European governments, to help the carmaker pay the $4.9 billion required for GM Europe to restructure.

"We are looking for support of any government that feels willing to be able to provide us some financing support in the medium term," Nick Reilly, Opel CEO was quoted as saying by MSNBC to reporters after meeting officials countries where GM makes Opel. "We have indicated that we will provide some of the funding."

GM had a sit-down with representatives from Germany, Belgium, Britain, Spain, Sweden and Poland to discuss both the restructuring plan GM has prepared after it decided to keep Opel and the need for some additional billions here and there.

As we have gotten used to by now, Germany led the talks and said, as usual, that there will be no more money for GM until the restructuring plan is on the table.

On the other hand, Britain and Poland side with GM, without however saying how much money are willing to chip in.

Belgium has something else on its agenda and is still not over its suspicion that Germany promised Magna and Opel money in exchange for slashing jobs anywhere but in Germany....
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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