General Motors Europe urgently needs 955 million euros to avoid insolvency

A statement from the Works Council at the GM plant in Figueruelas, in Zaragoza, states that the European division of the North American giant must raise 955 million euros as soon as possible if it does not want to file for insolvency. This money is urgently needed to pay the workers and the suppliers.

The Zaragoza plant’s works council met today to learn about the information shared at the meeting held yesterday in Rüsselsheim, where the European Works Council met with the management of General Motors Europe. At that meeting, it was announced that this amount of money is needed and that GM Europe intends to press ahead with its viability plan, which includes the closure of plants.

The management of GM Europe stated that it intends to negotiate with European governments to secure resources and will look for ways to reduce excess production that are as least damaging as possible for the workers. The European representative of the Figueruelas Works Council, Pedro Bona, said that the European Forum of General Motors will meet on 12 March to continue monitoring the situation and to address the viability plans proposed by the unions.

Source | Heraldo de Aragón