General Motors has just announced that it will no longer pursue government aid for its Opel and Vauxhall brands. The reason? Neither company's financial situation has exactly changed since The General first began asking for loans from the EU a few months back, but GM simply says it can't wait for certain governments to get their ducks in a row. Evidently, the application process has been much more drawn out than the company originally anticipated.
With General Motors expected to file for chapter 11 bankruptcy protection in New York on Monday morning, negotiators in Germany scrambled to finalize a deal to save Opel from insolvency. Following a six-hour meeting in the German Chancellor's office in Berlin on Friday evening, a deal was finally announced by finance minister Peer Steinbrueck. Although an overall deal to transfer control of Opel from General Motors was reached, details are still being worked out and a final contract won't be sig