Key officials meet in Brussels to discuss a £3bn rescue package
24 November 2009

General Motors will present its restructuring plan for Opel/Vauxhall to European governments this week.

The 3.3 billion euro (£3bn) rescue package is being thrashed out this week in Brussels by stand-in Opel CEO Nick Reilly, German deputy economy minister Jochen Homann and Kris Peeters, the premier of Flanders, a Belgian region where Opel has a plant.

EU competition commissioner Neelie Kroes and industry commissioner Guenter Verheugen are also involved in the talks, as they must approve any state aid to ensure it doesn’t breach EU competition regulations.

“General Motors made one point very clear, 100 per cent clear, the restructuring plan could only be achieved when European member states with Opel plants give some financial help," said Verheugen.

"So the plan works only with state aid. The idea that General Motors can finance this on its own was not shared by General Motors, this possibility does unfortunately not exist."

Peeters said GM would present its plans for Opel/Vauxhall to governments before the end of the week, before meeting with them from 4 December to discuss financing the deal.

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