GM’s Opel May Still File For Bankruptcy, Despite Bids

May 24, 2009

Germany (ChattahBox) – After the first three officials bids for failing auto company General Motors Opel branch cleared, many are expecting new ownership to follow. But according to the German Economic Minister, that may not be true.

So far Magna International, Ripplewood Holdings LLC, and Fiat have all placed bids for a potential buyout, but the amounts have been disappointing.

“We now have three offers for an Opel takeover, but that doesn’t mean that one of them will automatically come to fruition,” Karl-Theodor zu Guttenberg, Germany’s Economic Minister told a local paper.

If the bids don’t increase, it looks as though bankruptcy may still be the only option.

“If these deficits were to remain, an orderly insolvency would clearly be the better solution. It also could open opportunities for the future of Opel,” Guttenburg continued.

Whatever GM decides, it had better be soon. The June 1st deadline is quickly approaching.


Comments

2 Responses to “GM’s Opel May Still File For Bankruptcy, Despite Bids”

  1. File Bankruptcy - GM Likely To Use Chrysler’s Strategy In Its Expected Bankruptcy - CNN Money « File Bankruptcy on May 24th, 2009 4:40 pm

    […] GM’s Opel May Still File For Bankruptcy, Despite Bids – Chattahbox.comGermany (ChattahBox) – After the first three officials bids for failing auto company General Motors Opel branch cleared, many are expecting new ownership to follow. But according to the German Economic Minister, that may not be true. So far Magna […]

  2. Bankruptcy - GM’s Opel May Still File For Bankruptcy, Despite Bids - Chattahbox.com « Bankruptcy on May 24th, 2009 10:22 pm

    […] GM’s Opel May Still File For Bankruptcy, Despite Bids – Chattahbox.comGermany (ChattahBox) – After the first three officials bids for failing auto company General Motors Opel branch cleared, many are expecting new ownership to follow. But according to the German Economic Minister, that may not be true. So far Magna […]

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