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GM procrastination, Re Deux

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On: Tue, Aug 25, 2009 at 1:10PM | By: John Welch


GM procrastination, Re Deux

Boy, New GM may have shed plenty of toxic debt, but they've retained every bit of the arrogance they've compiled over the years. In an earlier post we outlined the "Saab/Koenigsegg" deal for you, a financial transaction that is moving at a snail's pace. Well, GM likes to spread the procrastination around. Opel, a long time subsidiary of the General, is currently up for bids. It has been since GM declared bankruptcy, and there have been several bidders. Why hasn't it been sold already? Simple; GM wants to maintain a stake in the company so that it can regain management of Opel should the capital become available. "Hedging their bets," so to speak.

The German government is not pleased. German factory workers are not pleased. “We have been calm so far, listened diligently and made comments, but that is over now,” the Opel labor leader Klaus Franz was quoted as saying on German radio on Monday. Maybe they're not used to dealing with 'corporate-limbo,' as our non-UAW workers and Enron employees have put up with for years.

The most current updates on this situation can be found at The New York Times


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