European Union to investigate if Opel loan meets regulations
By Andrew C., 27 Aug, 2010. 0 Comments
Opel Logo
It was reported earlier that the government of Germany will be providing Opel a bridge loan amounting to 1.5 bn Euros which aimed at helping Opel/Vauxhall continue operating while the agreement with Magna was being finalized, and now the anti-trust officials of the European Union will investigate if it meets regulations. EU will confirm if the loan completely satisfies the scheme it has earlier approved. The European Commission has vowed to do it as quickly as possible although it will all depend on the data they will be provided with by the German government. However, the EU Commission has also pointed out that there is no need to approve the loan before it can be extended to Opel, since there was already a prior permission a scheme to permit it to provide aid in the form of working capital loans and guarantees for investment until the end of next year. Furthermore, the only requirement to avail of the plan is for the company to have been in trouble after July 1 of last year. [via autocar]
Latest Auto Shows
