GM sends Opel $930 million stopgap

DETROIT, Jan. 15 (UPI) -- General Motors Co. forwarded $930 million to its German subsidiary Opel this month as a stopgap measure, a regulatory filing said.

Opel, which GM put up for sale last year before rescinding the offer, is looking for help from European governments for a $5 billion restructuring, The Detroit News reported Friday.

The $930 million was sent in part for "the acceleration of certain payments owed under engineering service agreements," GM said.

As part of its restructuring plan, GM is expected to dismiss 9,000 of its workers at Opel, about 20 percent of its workforce. GM Europe President Nick Reilly said this week that the plan could begin by the end of January.