F&I Management & Training

Vauxhall/Opel may not get all the 3.3 billion euros it wants for a rescue refinancing, according to General Motors Europe boss Nick Reilly.

If GM is unable to gather all the funds it requires, then the restructuring of the Vauxhall/Opel business would need to be more severe than the 9,000 job cuts and 20% cut in manufacturing that is being planned.

Mr Reilly is hoping that a number of European governments, including the UK, will contribute around 2.7bn euros in aid, with GM pumping in 600m euros.

However, Mr Reilly is cautious because complex negotiations must be conducted with each country and then a deal signed off by the European Commission.

He said: "Maybe we will not get the full 2.7bn euros, but I do expect we will receive a significant amount."

Mr Reilly hopes to announce the restructuring plan within the next two to three weeks.