Germany's economics ministry said Tuesday it has agreed with the workers' council of General Motors Corp.'s (GM) German unit Adam Opel AG to only back the investor in GM's European operations which provides the most bearable restructuring model for GM's local sites.

Earlier Tuesday, Economics Minister Karl-Theodor zu Guttenberg and his state secretary Jochen Homann met with the heads of Opel sites' workers council.

"All participants emphasized the joint effort that that solution will be accepted after an unbiased examination of all yet to presented company and restructuring plans that has the most bearable solution for the future of the German/European sites," the statement said.

The ministry also stressed that if GM were to file for Chapter 11, the company must remain "capable to act" and this "mustn't pressure to any premature decisions."

The ministry reiterated that in case of an insolvency, it favors a model that would see GM's shares in Opel being temporarily handed over to a trustee, who would protect the interests from creditors while a banking consortium could give the company bridge financing.

"A temporary transfer of General Motors shares to a trustee would help to preserve the interest of creditors as well as of the company," the statement said. "If interim help should become necessary before a final agreement with an investor has been found, the trustee model is an indispensable precondition to be able to decide about a possible use of guarantees."

Zu Guttenberg said in the same statement that he will lobby for the "most economically and legally sustainable model" for Opel.

Klaus Franz, the head of Opel's workers' council, said in the same statement that zu Guttenberg told them he hasn't yet made a preliminary decision about a possible investor in Opel.

Italian car maker Fiat SpA (F.MI) has presented a plan for a possible takeover of GM Europe, aiming to forge a global car alliance and plans to enter this new company free of debt. Canadian car parts manufacturer Magna International Inc. (MGA) has also expressed interest in bidding for Opel, with Russian automaker OAO GAZ Group (GAZA.RS) Tuesday confirming its interest in participating in a consortium with Magna.

Web site: www.bmwi.de

-By Andrea Thomas, Dow Jones Newswires; +49-30-288-8410; andrea.thomas@dowjones.com