WRAPUP 3-GM readies Opel plan, workers strike

Fri Nov 6, 2009 12:58am GMT
 
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* German workers protest in anger at U-turn

* GM's Henderson says will repay bridging loan

* Merkel, Obama to coordinate on Opel's future

(Adds detail on comments by GM, Merkel)

By Kevin Krolicki and Christiaan Hetzner

DETROIT/RUSSELSHEIM, Germany, Nov 5 (Reuters) - General Motors Co [GM.UL] on Thursday said it was readying a plan to restructure Opel and could pay off debt due this month as German workers went on strike to protest the automakers decision to keep the European unit.

Thousands of auto workers put down tools at German factories, saying GM had betrayed their interests by reversing a decision to sell a majority stake in Opel to a Russian-backed consortium led by Magna International (MGa.TO).

GM's board decided earlier this week to keep Opel -- stepping away from months of painstaking negotiations -- and to seek government aid in Europe for a restructuring plan expected to cut thousand of jobs.

About half of Opel's 50,000 workers are in Germany, where government aid to support the GM unit has been a source of controversy for the government of Chancellor Angela Merkel.  Continued...

 

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