Opel has confirmed today that it has received the first draw in the amount of EUR300m from the EUR1.5bn bridge financing agreement with the German government.
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The company said that the financial injection ensures that its operations maintain adequate liquidity.
Opel is no longer relying on Magna to cover the carmaker’s short-term liquidity needs.
Magna had initially offered to loan Opel the US$500m it said it needed to cover short-term liquidity needs.
“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 GM Europe CEO Carl-Peter Forster.
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