Angela's Merkel said on Monday the German government will help Opel if the plan it presents is a viable one, but warned that any aid given to the manufacturer will not come in the form of cash.
Forster responded that Opel is asking for the 3.3 billion euros from the German government in state guarantees, and not as loans, as previously speculated. GM's plan was submitted at the end of February, as a result of GM financial turmoil.
Talk of insolvency for Opel surfaced on Monday, when it was suggested by Karl-Theodor zu Guttenberg, Germany's economy minister. He then told in an interview with WirtschaftsWoche weekly magazine insolvency could be a way to save jobs.
"If the business model is suitable for the future, an insolvency can also help to retain jobs. Our insolvency law gives firms the chance to write off debt and continue operations," said the official.
GM is considering reducing its stake in Opel and might go as far as becoming a minority shareholder. The company already said there are some parties which began taking interest in the German manufacturer. GM"s plan needs however is not yet final, as it needs to be approved the
the US government, after the March 31st deadline.
In a separate interview with German magazine auto motor und sport, quoted by Autonews, Klaus Franz, Opel workers' council chief said the company might return to profitability in 201l and might sell an additional 200,000 cars by that time.
Opel's future might be partly agreed upon tomorrow, as European Union representatives will meet with GM envoys in an informal meeting to be held with the participation of economy and industry minister from 27 EU countries.
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