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

Posted: Nov 04, 2009
Filed under: GM, Industry News, 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 said.

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 more than $50 billion in loans.

- By: Omar Rana

Source: Reuters

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  • Chris
    GM keeping Opel was the best decision they have made all year! Letting Opel go would have been devastating to GM long term as many of its current and future vehicle technologies would be available to others. People do not realize how much Opel contributes to GM, most of GM's cars sold in the US have some Opel influence. Malibu, G8, LaCrosse, Aura, Astra, and others are based off a Opel platform. Many ecotec engines are Opel designed engines. GM will have its hand full in reorganizing its mess in Europe, but in the long term they and the US consumer will benefit from the Opel products.
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