BERLIN (AFP)--Adam Opel AG, the German subsidiary of U.S. car
maker General Motors Corp. (GM), will require European Union aid to
survive, the head of its works council said Monday amid reports the
firm could go under with the loss of 25,000 jobs.
There will not be a "isolated German solution for Opel," Klaus
Franz told Deutschlandfunk radio. "If we find a solution, it will
only be a European solution," he added.
Opel needs more than EUR3.3 billion to stay afloat, according to
media reports, as auto sales have slumped around the world,
especially in Europe.
The company will go bankrupt by May or June if no state aid is
forthcoming, mass circulation Bild reported Saturday.
Before considering plowing public money into the company, Berlin
has insisted the company draw up a restructuring plan, which will
be presented on Friday, Franz said.
General Motors has opened the door to spinning-off Opel as part
of a broader restructuring plan which includes laying off 47,000
workers worldwide, slashing production and closing plants.
"We are on this path," Franz said.