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GM gets £270m loan guarantee from UK government
Wed, 08 Feb, 2012
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GM gets £270m loan guarantee from UK government
Fri, 12 Mar 2010, 18:01:00
The UK government is providing a £270m loan guarantee to General Motors' UK operation Vauxhall. Business Secretary Peter Madelson says that talks are continuing with GM and other European governments over funding terms and the implementation of a business plan. GM is seeking €2bn ($2.8bn) from European governments to help restructure its operations in the UK and Germany. "The loan will help save thousands of jobs in Vauxhall's operations and in the 400 companies in its supply chain", according to Tony Woodley, joint leader of the Unite union. Vauxhall has factories in Luton and Ellesmere Port. GM abandoned its previous plan to sell GM Europe.
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