German Dep Econ Min: Premature To Talk Of GM Opel Insolvency
10 März 2009 - 12:04PM
Dow Jones News
A filing for insolvency of General Motors Corp.'s (GM) German
Opel unit would be the "very last resort but we aren't there yet"
as the government is still examining whether it might help Opel,
deputy economics minister Dagmar Woehrl said Tuesday.
Speaking on German n-tv television, she said filing for
insolvency is "no blemish."
"We have many companies which emerged strengthened and
competitive from insolvency," said Woehrl. "But this is currently
not the issue. We are presently still examining how we could
help."
She said the government is waiting for answers to some
questions, which it hopes will be answered in the next two or three
weeks. These include "what is with the patents which have been
transferred to the U.S. Treasury, (and) how can we ensure that the
money, if we decided to give state aid, will remain with us,"
Woehrl said.
German Economic Minister Karl-Theodor zu Guttenberg will travel
to the U.S. Sunday and meet with U.S. Treasury Secretary Timothy
Geithner and GM officials early next week.
GM Europe Chief Executive Carl-Peter Forster last week presented
the company's restructuring plan for Opel to the government and
said GM needs EUR3.3 billion in aid across its European
operations.
Web sites: www.bundesregierung.de; www.gm.co
-By Andrea Thomas, Dow Jones Newswires; +49 (0)30 - 2888 410;
andrea.thomas@dowjones.com