Adam Opel GmbH confirmed today that it has received the first draw in the amount of €300 million from the €1.5 billion bridge financing agreement with the German government. This responsiveness of the German government ensures that its operations maintain adequate liquidity as a more independent European Opel/Vauxhall company continues normal operations, while its U.S. parent is undergoing its court-supervised sale process.
Adam Opel GmbH had secured approval for a €1.5 billion bridge loan agreement with the German government on Monday, which provides sufficient time to finalize the partnership agreement with Magna International Inc.. Magna International and General Motors Europe had signed a Memorandum of Understanding to continue work on finalizing a partnership agreement for Opel/Vauxhall. With this funding, the European operations are isolated from any financial impact by GM’s situation in the U.S.
“We’re extremely grateful to the various members of the German Government, led by Chancellor Merkel and Vice Chancellor Steinmeier, the various German ministries as well as the federal state governments of Hesse, North Rhine-Westphalia, Rhineland-Palatinate and Thuringia, for their approval of this important agreement. We are also thankful for this tremendous responsiveness. The immediate payment ensures Opel/Vauxhall to continue its business operations in normal course,” said Forster.
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