Opel Trust chief Fred Irwin has warned the automaker could run out of cash within three months unless a deal to sell a majority stake to the Magna consortium happens fast.
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Opel “only has liquidity until mid-January 2010, that means the decision must be made as quickly as possible,” he told Deutschlandfunk radio, according to AFP.
Doubts about German government aid breaching European Union competition laws have apparently delayed the initial signing of a deal but officials are confident it will proceed.
A German governnment spokesman said on Monday he did not expect the EU to throw up “fundamental” problems for the sale.
“It is not in Opel Trust’s interest to relaunch the bidding process,” Irwin said on Tuesday. GM’s management board “should meet today (20 October) or tomorrow” and consider the matter in a pragmatic manner, he said.
