Now, more bad news strikes as the German government has denied GM's request for €1.1 billion ($1.3 billion U.S.) in loan guarantees for Opel. Rainer Bruederle, Berlin's economy minister, told reporters that he is "confident that Opel has a good future without credit guarantees," though labor unions are less than pleased with the final decision. Opel works council chief Klaus Franz went so far as calling the perceived snub "shameful."
Still, GM is prepared to support Opel's restructuring with €1.9 billion in finances, though the automaker is hoping to seek out €1.8 billion in loan guarantees from different European governments, including the rejected €1.1 billion from Germany. Opel's restructuring is still taking place regardless of monetary support, but added financial aid would indeed help the process. Here's hoping.
[Source: AFP via Google]