GM Europe has reportedly obtained a loan guarantee from the Spanish government but still needs a loan guarantee from Germany.
“We need a guarantee for more than EUR3.3bn in Europe in order to get loans from banks. In Spain we have already secured a guarantee for a concrete project and can now negotiate with the banks,” GM Europe CEO Carl-Peter Forster said in an interview with the Sueddeutsche Zeitung.
“In Germany, we need a guarantee of EUR2.6bn,” he added.
GM Europe submitted a rescue plan for its operations last month under which they would be partly spun off. However, the plan has met with a cautious response from national governments, including Germany’s.
German Chancellor Angela Merkel is maintaining a cautious line on German government assistance for Opel.
“We will support firms like Opel only if our help ensures a good future for these companies and doesn’t just uselessly go up in smoke because a company has failed in the market,” Merkel told the Bild daily in an interview earlier this week.