Friday, June 5, 2009

OPEL obtains the first 300,000,000 euro The German government loan

OPEL on June 2 obtains The German government's 300,000,000 euros loans, deals with the urgently needed solution the backlog debt. Since this is at the end of May OPEL the first financing which is purchased by the Canada auto part manufacturer Magna International Inc obtains.

The German Ministry of Finance said that before the government pledged provides the total amount to OPEL is 1,500,000,000 euro transition loans, this 300,000,000 euros are a part. Minister Peer Steinbrueck said that this interest-free loan has avoided OPEL now on use Magna company's belt rest financing. In order to avoid the GM bankruptcy bringing disaster to Europe, preserves the European Enterprise which OPEL and so on serves under somebody's banner general, The German government, Magna, GM and American Ministry of Finance on May 30 reaches the agreement. According to the agreement, Magna will have OPEL20% stocks, GM and Russia Savings bank holds 35% stocks respectively, the surplus 10% stock belong to the OPEL staff to possess. Before the merger and acquisition transaction completes, the OPEL property is put under the trust, The German government will provide 1,500,000,000 euro transition loans to maintain the OPEL revolution.

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