GM’s Opel withdrawing applications for European aid, will fund own restructuring
By APWednesday, June 16, 2010
GM’s Opel withdraws European aid applications
BERLIN — General Motors Co. says it is withdrawing applications for European government aid for its Opel and Vauxhall units and will fund their restructuring internally.
Wednesday’s announcement came a week after the German government rejected its request for aid for Opel.
GM said the financial requirements for its European operation haven’t changed but it decided to withdraw the aid request “given the need to progress the plan quickly.”
It added that “GM’s recently improved financial strength has also been a catalyst for making this decision.”
GM had requested a total of some €1.8 billion ($2.2 billion) in loan guarantees from European governments.
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