GM repays $297.6 million to Germany for Opel loan

November 13, 2009 http://detnews.com/article/20091113/AUTO01/911130433

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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