GM repays $297.6m to Germany for Opel loan

• Source: Global Times
• [08:12 November 16 2009]
• Comments

US automaker General Motors Co. Friday repaid 200 million euros (about $297.6 million) in German government aid that kept its carmaker Adam Opel GmbH afloat this year, the company said.

GM also said it will repay another 400 million euros (about 595 million US dollars by Nov. 30.

The payment comes more than a week after GM's board of directors decided to keep Opel instead of selling it to Canada's Magna International Inc. and its Russian partner, Sberbank.

The 1.5 billion euro (about $2.2 billion) bridge loan was intended to keep Opel operating until a deal was finalized or rejected.

GM is now preparing its own $4.5 billion restructuring of Opel but faces skepticism in Germany. 

Agencies