GM regains full control of Opel as trust dissolves

By IBTimes Staff Reporter | November 30 2009 5:52 PM

General Motors has regained full control over Opel after paying back a 1.5 billion euro emergency loan including interest, dissolving a trust that held a 65 percent stake in the European carmaker.

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The shares in Adam Opel GmbH were returned to GM, the German economics ministry said in a statement on Monday.

GM lost majority ownership in Opel in June, when Germany agreed to provide a six-month emergency loan to the Ruesselsheim-based manufacturer of the Insignia hours before GM filed for a pre-packaged bankruptcy.

The trust's main job was to monitor Opel's liquidity needs and oversee the sale of a majority stake to a new investor. GM decided early in November to scrap plans to sell Opel.

(Reporting by Gernot Heller, writing by Christiaan Hetzner; Editing by Toni Reinhold)

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