UK govt. ready to discuss helping GM Europe

The British government said it would discuss helping General Motors' British unit Vauxhall once it saw the U.S. automaker's European restructuring plans.
 
"When the plan is shared with us, we will be able to sit down with GM to discuss how we can best continue to help Vauxhall," a spokeswoman for Britain's business ministry said.
 
GM Europe is pursuing aid for its European businesses of Opel in Germany and Vauxhall in Britain.
 
GM¡¯s Chief Operating Officer Fritz Henderson said General Motors Europe will run out of money early in the second quarter unless European governments come quickly to the company's aid.
 
The UK government spokeswoman said GM was welcome to apply for help under previously announced British government schemes to guarantee up to 2.3 billion pounds ($3.25 billion) of loans for the car industry.
 
GM's European president, Carl-Pieter Forster, said on Tuesday he had received positive signals from the British government over aid for Vauxhall/Opel.
 
German Economy Minister Karl-Theodor zu Guttenberg said on Tuesday that Opel had not given the government enough information for Berlin to decide whether to rescue the company.
 
The British government said it was "in regular contact" with GM and said British authorities had already helped the company by providing money for training and a grant to secure manufacture of the new Astra model, due for production at the Ellesmere Port plant later this year.
 
GM Europe lost $1.6 billion last year and needs 3.3 billion euros ($4.16 billion) in loans from European governments to fund a liquidity gap in the coming months. It cannot count on help from its U.S. parent, General Motors, which lost nearly $31 billion in 2008.
From: Automotive News Europe

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