GM repays $297.6 million to Germany for Opel loan
Robert Snell / The Detroit News
General Motors Co. today repaid 200 million euros ($297.6 million) in German government aid that kept its carmaker Adam Opel GmbH afloat this year.
GM also said it will repay another 400 million euros ($595 million) by Nov. 30.
The payment comes more than a week after GM's board of directors voted to keep Opel instead of selling it to Canada's Magna International Inc. and its Russian partner, Sberbank.
The 1.5 billion euro ($2.2 billion) bridge loan was intended to keep Opel operating until a deal was finalized or rejected.
GM is now preparing its own $4.5 billion restructuring of Opel but faces skepticism in Germany. GM President and CEO Fritz Henderson met this week with Opel's labor representatives.
IMO - GM's world market plan is more important than saving SATURN?