GM’s change of mind

Jul 22 2010 The current Europe sovereign debt problem has had its problems across industries and the auto industry which was showing some signs of recovery is facing a fresh set of issues. GM after initially requesting for aid for its Opel unit has now retracted the request. In any case, the government of Germany had refused to provide it this aid saying that the company is well capable of fighting this problem on its own.
GM has had its fair share of such issues and slipped in and out of high debt last year. Its operations in North America showed profits this year with many of its models being purchased by its fans making use of easy car credit schemes. The company was helped to a great extent by the US Treasury and is now owned by the government to an extent of 60%.
The company had also made similar requests to the UK as well as the Spanish governments and was successful in getting an aid of $370 million from the Spanish government.
Many expected the company to sell the Opel brand, but the company has stuck to it.

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