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UPDATE 1-German govt to mull Opel bridge financing-sources

Wed May 13, 2009 11:40pm IST
 
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* To discuss needs of Opel at Thursday meeting-source

* Mulling possibilities until Opel partner found-source

* Temporary nationalisation not under discussion

(Combines stories, adds detail, quotes, background)

BERLIN, May 13 (Reuters) - German government ministers will on Thursday discuss possible bridge financing for carmaker Opel until a partner for General Motors' GM.N unit is found, government sources said on Wednesday.

"It is about what possibilities there are for bridge financing, should the need arise, until we have an agreement between General Motors and an investor," said one source familiar with the matter.

Another source said that the government was preparing for a possible bankruptcy filing from GM. The U.S. government has imposed a deadline of June 1 on GM to restructure or file for bankruptcy.

German Economy Minister Karl-Theodor zu Guttenberg said last weekend that in the event of a GM bankruptcy, Opel assets could be handed to a trustee who would ensure the interests of creditors. At the same time, a consortium of banks could provide Opel with bridge financing.

A senior German official has also told Reuters that the government could also provide bridge financing for Opel.   Continued...

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