Thursday, November 5, 2009

AP | GM to tap $50 Billion in US Aid to help restructure GM's European Opel unit

DETROIT — November 5, 2009 - General Motors Co.'s top executive said Thursday that the automaker could tap some of its $50 billion in U.S. government aid to help restructure GM's European Opel unit. The statement came as thousands of Opel workers walked off their jobs across Germany in protest of GM's decision to abandon the unit's sale to new owners.

CEO Fritz Henderson said GM would use U.S. government money for Opel only if necessary, and it would try to finance the $4.5 billion (3 billion euros) restructuring with loans from European countries, money generated by Opel and by reducing royalties that Opel pays GM for use of technology........