General Motors Company has regained full control of its Opel brand after paying back 1.5 billion euro in emergency loan including interest. The move dissolves a trust that held a 65 percent stake in the European carmaker.
“The shares in Adam Opel GmbH were returned to GM,” the German economics ministry said in a statement on Monday.
GM lost majority control of Opel in June, when the German government agreed to provide the Detroit automaker with a 6-month emergency loan to Opel hours before GM filed for a pre-packaged bankruptcy.
The main idea behind the trust was to monitor Opel’s liquidity and oversee the sale of a majority stake to a new investor. Earlier this month GM” board of directors decided to keep Opel and restructure it, terminating to plans to sell the brand to Magna International.
– By: Stephen Calogera