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NINETY EIGHT REGENCY

EU Commission yet to see Opel aid plans

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EU Commission yet to see Opel aid plans

February 12, 2010 13:31 CET

BRUSSELS (Reuters) -- The European Commission has yet to receive any government financing proposals to restructure General Motors Co. unit Opel, a spokeswoman for the European Union's executive board said on Friday.

Opel CEO Nick Reilly unveiled a restructuring plan for the automaker earlier this week, under which it would invest 11 billion euros ($15 billion) by 2014 and axe 8,300 jobs in a bid to return to profitability.

GM is looking to states with Opel factories, including Germany, Britain, Spain and Poland, to help shoulder the revamp but the Commission would have to clear any state aid plans.

"The Commission is ready to continue to help coordinating the restructuring and aid plans for Opel Europe," spokeswoman Amelia Torres told reporters. "But at this point the member states concerned must decide what to do, more specifically, whether to grant financing for restructuring and if they do, to inform the Commission," she said. "At this stage, the Commission has not received any notification of state financing."

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100212/ANE/302129969/1193#ixzz0fKphozhJ

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