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Germany may give Opel $2.1B in bridge financing

Posted Wednesday, May 27, 2009, 1:33 pm in Employee News

The Associated Press reports that Germany could provide bridge financing of $2.1 billion to General Motors Corp.’s subsidiary Opel while waiting for a new investor to step in.

German officials are scrutinizing bids from Fiat SpA, Magna International, Inc. and Ripplewood Holdings LLC in hopes of saving as many jobs as they can. Some 25,000 people work for Opel in Germany, nearly half of GM Europe’s total work force.

They say it remains up to GM to choose who will take over Opel. Although Germany would not choose the new owner, it would decide whether a new owner would get further government assistance, and if so what kind.

German officials have confirmed that Beijing Automotive Industry Corp. also has submitted an offer for Opel. (The Associated Press)
 
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