The plan formalizes what GM has been saying for months: One of its German factories will close... eventually. But will this deal be what GM needs to stem its huge losses in the Old World? A long-standing problem that cries out for action For months now, GM has been negotiating - or trying to negotiate - a rescue plan with representatives of IG Metall, the powerful German labor union that represents workers at Opel, the GM subsidiary that accounts for most of the company's business in Europe. Opel needs rescuing, badly. GM has lost over $17 billion in Europe since 1999, $1.8 billion of that in 2012 alone. Its problems are familiar ones: Too many factories, too-rich labor deals, tough competition - and a protracted economic mess that nearly drove auto sales to a 20-year low last year. Rival Ford, Europe's No. 2 player after giant Volkswagen, has faced similar losses in recent quarters.