Opel won’t survive on bridge loan forever

Author: | Published: 12 Jun 2009

It didn’t work for Holzmann in the late nineties. But the German government is trying again, with Chancellor Angela Merkel promising a €1.5 billion ($2.1 billion) bridge loan to Opel, part of General Motors’ (GM) European operations.And, as ever, German insolvency laws are keeping all parties on their toes.In 1999, then German Chancellor Gerhard Schröder promised a €130 million state guarantee to troubled construction group Holzmann. But he failed to persuade bank lenders to support the company as...