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Company Statement: GM Europe and Opel confirm first €300 million German Government loan draw

( June 2, 2009, 12:33 GMT | Official Statement) -- Extract: Opel had secured approval for a €1.5 billion bridge loan agreement with the German government on Monday, which provides sufficient time to finalize the partnership agreement with Magna International Inc.. Magna International and General Motors Europe had signed a Memorandum of Understanding to continue work on finalizing a partnership agreement for Opel/Vauxhall. With this funding, the European operations are isolated from any financial impact by GM’s situation in the U.S.Adam Opel GmbH confirmed today that it has received the first draw in the amount of €300 million from the €1.5 billion bridge financing agreement with the German government. This responsiveness of the German government ensures that its operations maintain adequate liquidity as a more independent European Opel/Vauxhall company continues normal operations, while its U.S. parent is undergoing its court-supervised sale process....

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