UPDATE: GM Sold Off German Opel Patents To US Treasury - Source
06 März 2009 - 9:33AM
Dow Jones News
General Motors Corp. (GM) doesn't own the patents of its German
Opel unit anymore because it has sold the rights off to the U.S.
Treasury in the hope of buying them back at a later stage, a German
government official who declined to be identified told Dow Jones
Newswires Friday.
Opel's building and plants also belong to GM and no longer Opel,
the official said.
The government is currently examining whether and how it will
help Opel.
Government officials are scheduled to meet GM and Opel officials
Friday. Representatives at the meeting will be GM's Chief Operating
Officer Frederick "Fritz" Henderson, GM Europe's Chief Executive
Carl Forster, Opel Chief Executive Hans Demant, German Economic
Minister Karl-Theodor zu Guttenberg, head of the chancellery Thomas
de Maiziere and Deputy Finance Minister Joerg Asmussen.
Thousands of jobs are at risk, with reports saying the
restructuring plan foresees 7,600 job cuts instead of the 3,500
that GM Europe has previously mentioned.
Finance Minister Peer Steinbrueck said Thursday that GM Europe
hasn't yet provided an adequate restructuring plan for Opel that
would justify a government decision to help.
GM Europe's Forster Monday presented the company's restructuring
plan for Opel to the government and said GM Europe needs EUR3.3
billion in aid across Europe. Chancellor Angela Merkel has
previously said she favors liquidity guarantees as a tool to help
companies such as Opel.
Zu Guttenberg has said examination of the plan will take weeks
and he will contact GM and the U.S. government during his visit to
the U.S. in mid-March.
Web Sites: www.bundesregierung.de; www.gm.co
-By Andrea Thomas, Dow Jones Newswires; +49 (0)30 - 2888 410;
andrea.thomas@dowjones.com