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Send  Print  Share  RSS  Twitter  01 Jun 2009

GMSA awaits US announcement

 
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Johannesburg, June 1 (I-Net Bridge) General Motors South Africa (GMSA) on Monday told I-Net Bridge that there had not yet been any confirmation that GM Corp would indeed file for bankruptcy later on in the day, as speculated by media reports.
The group said that it did not want to pre-empt anything.
It said that it was waiting for an announcement to be made in the US and that it would comment thereafter.
Meanwhile Dow Jones Newswires reported that the UK government was ready to support the restructuring of General Motors Corp`s European operations after Austrian-Canadian Magna International Inc (MGA) took a step closer to buying the business, UK Business Secretary Peter Mandelson said.
It said that the German government selected Magna on Saturday as a partner for GM`s German Adam Opel GmbH unit, which included the UK unit
Vauxhall.
It will provide EUR1.5 billion in financing to keep Opel in operation until the details of Magna`s takeover are decided.
GM is selling GM Europe to raise cash as it faces an expected bankruptcy filing in the US and debt deadlines.
Opel has 25,000 workers in Germany, making the issue a hot topic ahead of elections there in September, while Vauxhall has two plants and employs
about 5,500 people.
Mandelson said Magna would now begin due diligence of Opel and work out its restructuring plans for the firm`s plants in Europe.
I-Net Bridge.
Copyright 2009 I-Net Bridge. All rights reserved

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