Germany: To Back GM Opel Plan Best For German, EU Sites
May 12 2009 - 9:41AM
Dow Jones News
Germany's economics ministry said Tuesday it has agreed with the
workers' council of General Motors Corp.'s (GM) German unit Adam
Opel AG to only back the investor in GM's European operations which
provides the most bearable restructuring model for GM's local
sites.
Earlier Tuesday, Economics Minister Karl-Theodor zu Guttenberg
and his state secretary Jochen Homann met with the heads of Opel
sites' workers council.
"All participants emphasized the joint effort that that solution
will be accepted after an unbiased examination of all yet to
presented company and restructuring plans that has the most
bearable solution for the future of the German/European sites," the
statement said.
The ministry also stressed that if GM were to file for Chapter
11, the company must remain "capable to act" and this "mustn't
pressure to any premature decisions."
-By Andrea Thomas, Dow Jones Newswires; +49-30-288-8410;
andrea.thomas@dowjones.com