The step should have actually been taken by GM, but with the problems it is facing in the domestic market, the American manufacturer seems to have forgotten that it needs to sell a big stake in its German asset in order to secure the 3.3 billion euros in government guarantees. The German government has taken the matter into its own hands because, well, it's election year in Germany.
This new development comes after the troubling news (for Chrysler at least) which surfaced last week. According to inside sources, Italian manufacturer Fiat is said to have ubmitted an offer to take over Opel, a move which should have taken place by today.
So far, this hasn't happened, so the Germans have turned to the Austrian-Canadian company. Even more so since the plan forwarded yesterday by GM said nothing about Opel and its fate.
The German manufacturer on the other hand is not scared at the prospects of a possible Chapter 11 filling by the mother company. Opel's spokesman said last week that even in the case of bankruptcy for GM, the European manufacturer has the ability to remain in business and to continue its operations in normal conditions.
If such a step will be taken, Opel would use its available liquidity to pay wages and other debts as well as to make investments in certain assets.
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