Opel cancel a loan application to the European Government will raise money from the internal
Last week, General Motors announced that due process requires time too long, Opel has decided to withdraw all European-wide government loan guarantees, and decided to raise from internal funds.
General Motors said that although the Opel 7 months ago announced the recovery plan for financing requirements and no substantive changes, the effectiveness of Government guarantees and reasons not to do, but considering that the process is too complex and takes longer than expected, so the results are still undetermined. In order to accelerate progress, Opel's decision to raise from internal funds. General Motors is to improve the financial situation for this decision.
"We need to accelerate the progress of the reconstruction plan for Opel," General Motors Europe, President and Chief Executive Officer of Opel Luorui Li said, "we now need for new products and new technologies for sustainable investment, without time to consume without confirmation of the financing plan and a new round of consultations of the time-consuming and complicated. I believe that with the timely launch of new products and the revitalization plan step by step, Opel will soon return to profit. ”
(The Beijing News)