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Oracle of Delphi

GM Won't Sell Opel Or Fire German Workers, Executive Says - Report

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November 22, 2008: 09:46 AM EST

NEW YORK (AFP)--General Motors Corp. (GM) will neither fire workers nor close or sell factories at its German Opel unit, the president of GM Europe said in an interview to be published Sunday.

Opel has sought loan guarantees from the German government "but it is not bankrupt," Carl-Peter Forster told the Welt am Sonntag Sunday newspaper.

"Closures, sales of factories or job cuts are not on the agenda," he said.

The regional parliament in the German state of Hesse has voted unanimously to provide Opel with up to EUR500 million in loan guarantees in the event that General Motors declared bankruptcy.

GM has said it will run out of cash as early as January if it doesn't get help from the U.S. government and analysts have said it would likely be liquidated if it was forced into bankruptcy.

Opel's German staff numbers about 26,000. The German auto maker has been hit by slumping sales and financial problems at its parent company.

The Frankfurter Allgemeine Zeitung newspaper quoted Opel directors Wednesday as saying that the company will cut output next year and is mulling a 30-hour work week.

Link: http://money.cnn.com/news/newsfeeds/articl...44_FORTUNE5.htm

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"NEW YORK (AFP)--General Motors Corp. (GM) will neither fire workers nor close or sell factories at its German Opel unit, the president of GM Europe said in an interview to be published Sunday"

This is what they always say up until the moment that they: Fire the workers and close or sell the factories.

A time-honored business technique.

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Nah, we're not bankrupt, but GMNA surely is. We plan to survive no matter what happens to them. I was asked to give back 7% of my budget for 2009, I gave back 10%, and 15% for 2010, I gave back 25% when all was said and done. I did it without cutting any of my staff or their hours. We can't take on any new projects now, but I can maintain what we have on our plate so far.

Edited by Pontiac Custom-S
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Have you ever been witness to an individual 'suffering' (notice that it is never described as 'enjoying') a heart attack?

Then you'll understand why the skin under the fingernails and the lips assume a blueish cast as the body, in a desperate struggle to survive, scavenges for all of the oxygen that it can find.

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Nah, we're not bankrupt, but GMNA surely is. We plan to survive no matter what happens to them. I was asked to give back 7% of my budget for 2009, I gave back 10%, and 15% for 2010, I gave back 25% when all was said and done. I did it without cutting any of my staff or their hours. We can't take on any new projects now, but I can maintain what we have on our plate so far.

It's probably not that hard to cut your budget when you basically produce 2 cars and sell through 2 divisions.

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It's probably not that hard to cut your budget when you basically produce 2 cars and sell through 2 divisions.

Actually it was very hard to do. This was the 1st thing that hit me when I got back to work after my father passed away. My goal was to be able to keep working on what I currently have on my plate and not lose people in the process. I don't know if you ever worked on a budget before but from your cavalier answer, I would guess not.

Edited by Pontiac Custom-S
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after my father passed away

I recall reading that your father was ill, and this is the first that I learned of his passing. Please accept my condolences.

My father died 15 years ago and I still miss him and curse the day he died.

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I recall reading that your father was ill, and this is the first that I learned of his passing. Please accept my condolences.

My father died 15 years ago and I still miss him and curse the day he died.

Thank You wildcat.

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Actually it was very hard to do. This was the 1st thing that hit me when I got back to work after my father passed away. My goal was to be able to keep working on what I currently have on my plate and not lose people in the process. I don't know if you ever worked on a budget before but from your cavalier answer, I would guess not.

In my line of work (non-profit) I usually don't have a budget, so it's all about the people and their will to work hard.

Trust me, I know more about what you say than you think (and more than my smart-ass remark led on)

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