GM formally withdraws all Opel-related loan requests, vows to finance alone

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Filed under: Europe, Government/Legal, GM, Earnings/Financials, Opel, Vauxhall, UK
General Motors has just announced that it will no longer pursue government aid for its Opel and Vauxhall brands. The reason? Neither company's financial situation has exactly changed since The General first began asking for loans from the EU a few months back, but GM simply says it can't wait for certain governments to get their ducks in a row. Evidently, the application process has been much more drawn out than the company originally anticipated.

We're guessing that by "certain governments," General Motors actually means Germany. The country just voted against handing out any money to either Opel or Vauxhall because General Motors seems to be doing well enough to support its children. Whether true or not, GM says it will continue to pursue other financing options to help support the two European brands.

GM originally asked European governments for a total of $2.2 billion at current conversion rates, and to date, only the UK and Spain have responded around $405 million in aid each. Hop the jump for the full press release.

[Source: General Motors]Continue reading GM formally withdraws all Opel-related loan requests, vows to finance alone
GM formally withdraws all Opel-related loan requests, vows to finance alone originally appeared on Autoblog on Wed, 16 Jun 2010 13:01:00 EST. Please see our terms for use of feeds.


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