GM to Raise Money Internally

Nick ReillyGeneral Motors has now agreed to internally fund its restructuring process. The Company was earlier looking to raise €1.8bn (£1.5bn) in loan guarantees for its Opel/Vauxhall subsidiary. But its move to withdraw these requests has surprised everyone.

General Motors Arrives on Cost Savings Agreement with Opel’s Employees

GM-OpelGeneral Motors Co. arrived at an agreement on cost savings with Adam Opel GmbH employees to help fund a restructuring of the non-profitable division, a person aware of the situation said.

Details of the deal will be declared today by Nick Reilly, Opel’s Chief Executive, and Klaus Franz, the unit’s top Labor Leader, the person said, who preferred to remain anonymous since the agreement has not been exposed to public as yet.