mmmm, not suprised.
bit of a shame tho
I hope the government helps them out, as the european operations are quite profitable. I dont understand why the german government are willing to give help to the successful bidder for Opel/Vauxhall and yet refuse to give financial help directly to Opel/VX. Probably because they fear the monies would end up going back to GM in the USA.
There are also EU rules placing restrictions on what funding governments can give to companies already operating in that country. However they are allowed to give monies/funds to third party companies from outside the country which may be interested in taking it over.... crazy!.
Also of course the USA government have told GM they have until June 1st is to totally restructure financially and reduce debts, otherwise they will refuse to help them further. The quickest way to bring cash in is to sell off the parts that may be more attractive to possible bidders ie. Opel & VX. (the more profitable bits) When in reality what should be happening is that GM should be pruning out and closing those parts mainly in the USA which are losing big money, but if they did that on a large scale then the USA government would be reluctant to inject cash.
Its a no win dilema for GM especially as they have no desire to sell Opel and VX, but have little choice. Its just a shame that like the banks, they left it too late before actually trying to do something positive in turning the company around, especially within the USA.
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