Treasury: Obama administration not involved with GM’s decision to keep Opel

U.S. Treasury spokeswoman Meg Reilly said yesterday that the Obama administration did not get involved with General Motors’ decision to keep and restructure the Opel brand.

“The administration was not involved with this decision, which was made by GM’s Board of Directors,” Reilly┬ásaid.

GM announced yesterday that it has decided to keep Opel and expects the restructuring of the brand to cost 3 billion euros ($4.42 billion USD).

Following GM’s restructuring during its bankruptcy process, the United States Treasury is the majority shareholder of the Detroit automaker with about a 60 percent stake. It provided GM with┬ámore than $50 billion in loans.

– By: Omar Rana

Source: Reuters