Opel to make 1200 GMT announcement on restructuring

FRANKFURT, May 21 (BestGrowthStock) – Opel Chief Executive Nick
Reilly and labour leader Klaus Franz have called a joint press
conference for 1200 GMT to inform on “significant progress” in
the restructuring of Opel, the carmaker said on Friday.

The two sides have been negotiating over management’s demand
for 265 million euros ($329 million) in annual wage concessions,
a key obstacle towards receiving possible loan guarantees from
Germany worth over 1 billion euros.

Labour and management wanted to present an agreement before
Tuesday, the next working day in Germany, when the steering
committee of the German state rescue fund is due to discuss
Opel’s request for aid.

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(Reporting by Christiaan Hetzner)

Opel to make 1200 GMT announcement on restructuring