GM repays $297.6 million to Germany for Opel loan - Saturn Sky Forums: Saturn Sky Forum
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post #1 of 9 (permalink) Old 11-13-2009, 03:58 PM Thread Starter
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GM repays $297.6 million to Germany for Opel loan

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.

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post #2 of 9 (permalink) Old 11-13-2009, 05:20 PM
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Originally Posted by Toomanybugs View Post
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.

[email protected] (313) 222-2028

IMO - GM's world market plan is more important than saving SATURN?
Yep and all that money is our tax money. I think Obama needs to step back in and slap them stupid for doing this!

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post #3 of 9 (permalink) Old 11-13-2009, 05:36 PM
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I think Obama needs to step back in and slap them stupid for doing this!
At this point it highly unlikely that GM is doing much of anything
without the explicit approval of the current regime in Washington.
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post #4 of 9 (permalink) Old 11-13-2009, 05:37 PM
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The problem is that the board of directors and others that decided to keep Opel were put in place or appointed to GM by Obama... Fritz was against keeping them and wanted to go through with the deal wit Magna.

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post #5 of 9 (permalink) Old 11-13-2009, 05:58 PM
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Writing the numbers in bailout magnitudes puts things in perspective:

Bailout: $50.7B

Payback for Opel Loan: $0.297B & $0.595B.

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post #6 of 9 (permalink) Old 11-14-2009, 08:40 AM
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Let's see if I get this right. GM is screwed up for getting rid of Opel, and GM is screwed up for NOT letting it go.

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post #7 of 9 (permalink) Old 11-16-2009, 10:05 AM
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Well, I heard on the news this morning that GM is also planning to pay several billion dollars of bailout money back to the US Government in December. So I would hope these are encouraging signs that GM is moving towards becoming an independently owned company again some time in the future, and not a US/Canadian/German owned company.

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post #8 of 9 (permalink) Old 11-16-2009, 01:31 PM
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What a SHELL game is being played here...we pay Peter to pay Paul...meanwhile I wish I had Monopoly money...the accounting tricks are the same as Madoffs...with the exception that Bernie was not able to have the Treasury on his payroll.

GM is the middleman...the Treasury prints money to give to GM...so they can give it to Germany...don't u people see what is going on. To give u an education...there r 2 ways the gov't has money to spend...they get it through taxes or they print more money. Since there is no tax money...yadda yadda yadda...that is why gold is at 1100 dollars an ounce....wait until the real recession hits.

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post #9 of 9 (permalink) Old 11-16-2009, 04:39 PM
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This is a complete shell game.

Considering the total amount of debt that the taxpayers all holding in the form of common stock in GM, this is a drop in the bucket. All GM (Government Motors) is doing is playing a Public Relations game. The regime's opinion poll numbers are down, so time to make it look like progress is being made.

My prediction, Government Motors WILL NEVER be General Motors again. Sure they will "pay back some loans" from time to time, in an attempt to make the voter think all is good. But the real controlling interest by Uncle Sam will never go away. Social Engineering is the real objective here, not private enterprise.
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