GM: Opel Recovery Plan Isn't Ready Yet

CEO Dan Akerson says General Motors Co. needs more time to finalize a plan to restructure its ailing Adam Opel unit in Europe. He predicts the GM will ready to begin disclosing details of the plan, originally expected in March, a few months from now.

Akerson says GM and Opel remain enmeshed in complex negotiations with governments and labor unions across Europe none of which are eager to help the company cut capacity and jobs.

GM had hoped Opel would break even last year. But unit fell short by $747 million, thus boosting its losses since 1999 to about $20 billion. Akerson declines to predict when the German-based unit is likely to break even. GM said in January that Opel hopes to deliver a $1.3 billion annual profit by 2016.