Keeping Opel is unrealistic, says German Economy Minister
By Andrew C., 27 Aug, 2010. 0 Comments
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However, German Economy Minister Karl-Theodor zu Guttenberg said that it is "hardly realistic" for GM to hold on to Opel. Guttenberg has revealed that GM had mentioned the possibility of keeping Opel last March. He said that GM is unable to afford the high costs of restructuring Opel and Vauxhall - estimated at around EUR2.8 billion. Currently, Vauxhall and Opel are living off a six-month 1.5bn euro bridging loan from the German government that matures at the end of November, when a new investor had been expected to take control. Guttenberg said that the money provided should last until around January. [via autonews]
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