1 Dec 2009
ERJ staff report (AN)
Berlin, Germany (Reuters) -- General Motors Co. has paid back all of an emergency loan it had received for Opel, regaining full control of the European brand and dissolving a trust that held a 65 percent stake in Opel.
The loan was 1.5 billion euros (about $2.25 billion) including interest.
“The shares in Adam Opel GmbH were returned to GM,†the German economics ministry said last week in a statement.
GM lost majority ownership in Opel in June, when Germany agreed to provide a six-month emergency loan to European unit hours before GM filed for a prepackaged U.S. bankruptcy.
The Opel trust's main job was to monitor the brand's liquidity needs and oversee the sale of a majority stake to a new investor. GM decided earlier this month to scrap plans to sell Opel to a consortium led by Canadian supplier Magna International Inc.
From Automotive News (A Crain publication)
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