General Motors Co.'s Opel unit asked European governments for billions of euros (dollars) in aid on Tuesday as it formally presented a restructuring plan that will result in some 8,300 job cuts. Opel is seeking loans and loan guarantees to the tune of some 2.7 billion euros ($3.7 billion) as part of a program under which it plans to invest 11 billion euros ($15 billion) through 2014. It aims to break even by 2011. Chef Executive Nick Reilly declined to say how much was being sought from individual countries, but said: “We don't anticipate we will be turned down.” German Economy Minister Rainer Bruederle said GM is seeking loan guarantees covering 1.5 billion euros from the German federal and state governments. Bruederle was noncommittal, telling reporters that “we will carefully evaluate the documents we now have.” He noted that European countries previously agreed that the European Commission should conduct a preliminary evaluation. Parent General Motors Co. has already injected 600 million euros, along with 650 million euros in advanced payments, to ensure Opel's cash positions. Reilly said of the process of seeking European aid: “Our estimate is the overall process will take several weeks until it is completed, but we expect to have sufficient liquidity during this period.”
