Home News Presentation of Opel’s restructuring plan delayed again probably

Presentation of Opel’s restructuring plan delayed again probably

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FRANKFURT (Dow Jones) – The presentation of the recovery plan The ailing carmaker Opel apparently delayed again. "I trust him in the next two to three weeks to finalize, "said Opel Chairman and CEO Nick Reilly on Tuesday Rüsselsheim, as a company spokesman confirmed. First was the Managers want to submit the plan in December, it was the end of January targeted.
A major remaining hurdle is probably the Negotiations with employees on the required Renovation contributions of 265 million euros a year. The existing differences had escalated after Reilly on Thursday the closure of the Announced Opel factory in Antwerp, Belgium had.
The new Opel chief calls from workers that this 265 million Per year to shoulder the expense of restructuring. In return, require the employee in addition to the absence of redundancies and Plant closures to be involved in the new company and a greater involvement by transforming into an Adam Opel GmbH Aktiengesellschaft (AG).
With the announcement of the closure came the Antwerp – Rift between management and the Arbeitnehmerverterern around the Group works council chairman Klaus Franz addition, there is still no consensus for what the Employee concerns. On Tuesday reaffirmed the European Workers (EDF) after a staff meeting in Antwerp, from today’s Term do not want to make contributions. The EDF raises management before closing the plant only to the production of the planned small SUV outsource to South Korea.
The financial requirements for Opel provides the management of 3.3 Billion. This is by rehabilitating contributions Opelaner, a grant from the U.S. parent General Motors, as well as aid from the are European countries with Opel locations covered. With a view to hoped-for state aid Reilly said on Tuesday he hoped a "substantial sum". So far, the manager had the Opel countries pledged EUR 2.7 billion, but said today that this amount possibly could not be reached.
Belgium had after the announcement of the closure of Plant in Antwerp, the promised 500 million EUR withdrawn. Good run, however, the talks with Spain and England, where The sister brand Opel and Vauxhall also have sites. The German government wants to be first with the possible assistance to Opel deal if the final restoration plan the table is located.

   

Website: www.opel.de

-By Nico Schmidt, Dow Jones Newswires
+49 (0) 69 29725 114, nico.schmidt @ dowjones.com
DJG / ncs / has
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(END) Dow Jones Newswires

January 26, 2010 08:48 ET (13:48 GMT)

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