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GM gives Opel $930 million
GM gives Opel $930 million boost
Posted on Friday, January 15th, 2010 at 12:23 PM EST.(Employee News)
General Motors Co. has provided its struggling German carmaker Adam Opel GmbH with an additional $930 million in temporary aid until more permanent financing can be found, the automaker disclosed today in a regulatory filing, The Detroit News reported.
That brings to $1.83 billion the total financing GM has provided Opel, which is undergoing a restructuring, the paper said. GM provided the most recent aid to Opel and its subsidiaries on Jan. 4, according to the filing with the U.S. Securities and Exchange Commission, the News said.
GM’s board of directors decided in November against selling a majority stake in Opel, and the German carmaker is seeking long-term aid from European governments to fund a major restructuring that will cost almost $5 billion, the paper said. The $930 million includes “the acceleration of certain payments owed under engineering services agreements,” GM said in the filing, the story said. (The Detroit News)
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Nitro Year: 2007 (1 of 113,000 sold)
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