Germany: Opel saved from insolvency
Opel's once-uncertain future can now be put to rest.
Opel's parent company, General Motors, is expected to file for Chapter 11 protection this coming week. With time running out, German negotiators managed to stave off bankruptcy - just in time.
Under the new deal struck, General Motors continue to own 35 percent of Opel. This will allow the U.S. automaker to continue sharing technology with the German carmaker.
Russian government controlled Sberbank, which is providing the bulk of the financing for this deal, will also retain a 35 percent stake in Opel. Magna, which is a Canadian auto parts supplier, will receive a 20 percent stake, while the remaining 10 percent of Opel's shares will go to the company's employees.
Credits: JRC
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