Opel making progress on restructuring, financing
FRANKFURT
The head of the employee council at General Motors Co.’s European unit Opel says progress is being made with restructuring of the division.
Klaus Franz was cited Tuesday by the DAPD news agency as saying that agreement has been reached on roughly half of the questions still open and that he’s pushing for more independence for the brand.
Franz said the possibility of an Opel bankruptcy is unlikely since GM recently said it would more than triple restructuring moneys for the unit to euro1.9 billion ($2.6 billion).
Last week, the British government said it could provide Opel with euro300 million in aid, though it’s still unclear whether Germany will offer help.
GM abandoned plans to sell Opel to investors last year and kept it instead.
2009 Los Angeles Auto Show
If the North American auto show season has an official kickoff party, the Los Angeles Auto Show is it. In addition to world debuts of the 2011 Cadillac CTS Coupe, 2011 Toyota Sienna and VW Up! Lite Concept, the 2009 LA Auto Show again played host to the Green Car of the Year announcement, which went to a diesel car for the second year in a row. The LA Auto Show is also a first chance to see and touch the cars unveiled around the world in the eight months since the New York Auto Show, which this year included jaw-droppers like the 2011 Lexus LFA and 2011 Mercedes-Benz SLS AMG.
