Opel requested 1.8 billion euro guarantee

The car manufacturer Opel needs a government guarantee of 1.8 billion euros. However, if it is the "worst-case scenario", as the Frankfurter Allgemeine Zeitung learned from informed people taking part in the rescue talks are involved. The Opel sought to guarantee share in 1.3 billion euros for the year 2009 and another 500 million for the following year. Thus, the investment plans of the subsidiary of the depressed General Motors Corporation for the years 2009 and 2010 saved. Opel Chief Financial Officer Marco Molinari said the FAZ: "In the case of a problem for GM, we need a guarantee of slightly more than 1 billion euros for the coming year, so that our financial market is available again." Opel does not have its own credit rating and could therefore not like other corporations on loans from the European Investment Bank access. "We are preparing for bad times before" Opel is also planning a significant volume reduction in almost all European works. "We are preparing for bad times before and correct our volume planning for 2009 to well below 10 percent after," said Opel Managing Director Hans Demant. In its planning for the difficult next year under the subsidiary of General Motors a market slump. The Opel scenario according to which the company claimed billions of guarantee is being negotiated, are expected in 2009 Europe, including Russia instead of 22 million cars to just 19 million newly admitted. Alone in October, according to the European industry association Acea 15 percent fewer new cars sold in Europe than it did a year ago. This was the business already in the sixth month in a row back. Demant stressed once again that even when a bankruptcy of GM solvency was guaranteed by Opel. "Even in the case of a severe recession, even without the guarantee of our liquidity for the foreseeable future," he said. Demant also spoke on Tuesday with several Opel dealers who are concerned about the events of recent days had expressed. Opel is looking at a 30-hour week The significantly reduced expectations are consequences for output and employment. Because instead of 1.7 million Opel cars will likely only to produce 1.5 million. The council acknowledged the overall chairman Klaus Franz against the FAZ : "Main Discusses a 30-hour week in all our European works, with the exception of Rüsselsheim, because the new Insignia starts." While the production model of the middle class has just started and is currently a good utilization of the parent plant guarantees are in the other plants in Bochum, Eisenach, Antwerp or Saragossa Under utilization to be expected. The Spanish plant could be because some of the local market slump, if necessary even only 28 hours per week worked. Franz now wants to start talks on Teillohnausgleiche workers and short of money. For him, but one stands firmly: "We will reduce the volume of planned job cuts to cope without." Moreover, the council about the GM requested additional savings negotiate. GM wants the costs in the coming year in Europe by 750 million U.S. dollars lower.