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GM spins off Europe assets

Posted Thursday, May 28, 2009, 11:38 am in Employee News

General Motors Corp. set the course today for its European operations to break away as a separate company, transferring all European factories and patents debt-free to a German subsidiary, the Germany national news agency, Deutsche Presse Agentur (DPA), reported.

The board of the subsidiary, Adam Opel GmbH, also approved German government plans to place the company in trusteeship while it waits for a new owner to step in, an Opel spokesman told the news service. Chancellor Angela Merkel was set to chair talks in Berlin this evening to settle the company’s future after GM applies in the United States for protection from its creditors, the story said.

A government spokesman, Thomas Steg, said: “You can be certain today’s meeting will not end fruitlessly.” He said the federal government would join state governments in guaranteeing bridging loans to keep Opel operating until a new owner steps in, the story said. (DPA/Automotive News)
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