General Motors Scrambles After Germany Refuses To Bail Out Opel

General Motors Co. will pursue other sources of financing in Germany after Economy Minister Rainer Brüderle turned down the U.S. automaker's request for federal loan guarantees for its Adam Opel GmbH carmaker.

"GM is very disappointed, as is Opel, with this decision," said Nick Reilly, president of GM Europe and chief executive of Opel.

But he said GM would seek loan guarantees from German states with Opel plants or from other federal funding programs.

Joe_Limon - 6/9/2010 3:18:24 PM

+4 Boost

If it's still not making a profit, sell it off or dissolve it.

veyron1001 - 6/9/2010 4:17:59 PM

+4 Boost

With that logic GM shouldnt exist right now. Which I agree.

Steve - 6/9/2010 3:51:22 PM

+8 Boost

Am I understanding this correctly? The German government does not want to syphon tax-payers' money out of government coffers and into the pockets of a car car company that can't tread water, and whose executives need multi-million dollar bonuses? My god, what has the world come to?

AdmiralT20 - 6/9/2010 9:53:48 PM

+6 Boost

Considering that the German govt was initially involved with the deal to sell Opel to Magna Steyr and GM turned around and rescinded the deal.
I can understand why the German govt is telling them to take a hike because they do not trust the GM team.