EU call for GM crisis talks

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The European Commission has called for an emergency meeting of all EU states where General Motors has manufacturing facilities.   GM recently reported a $30.9 billion (┬ú21.9 billion) loss for 2008, and the chief operating officer of GM Europe warned this week that its European business units could run out of money within a matter of weeks, putting 300,000 jobs out of at risk, unless governments provide immediate assistance.   But EU Industry Commissioner Guenter Verheugen said that the way GM was "dealing with the issue of Europe is not acceptable."   Commenting that the EU expected GM to make full disclosure of its intentions, he asked: "What are their plans with their European daughter companies and locations? What are they doing with property rights, and especially is GM prepared to maintain responsibility for the European companies or not?"   The proposed meeting, he said, would help to establish "what the different member states that have GM sites are considering to do." EU countries that have GM-related production plants include Britain, Belgium, Poland, Germany, Spain and Sweden. Some other EU states also host suppliers.   GMÔÇÖs auditors, Deloitte & Touche Deloitte, wrote in the recent annual report: "The corporation's recurring losses from operations, stockholders' deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern."   Although the United States federal government has given GM loans worth $13.4 billion, European governments are reluctant to offer funds to a company that may still have no viable future.   GM said yesterday that if it filed for bankruptcy it could end up in liquidation, as it would not have the capital to finance it restructuring. There are also fears that consumers may be put off buying new cars from a company in bankruptcy.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *