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Opel insolvency 'not on agenda'

By Reuters

Struggling US carmaker General Motors has denied a newspaper report that its German unit Opel is preparing for insolvency.

"This scenario is currently not on the agenda," a GM Europe spokesman said.

German newspaper Die Welt had reported on Saturday, citing no sources, that GM and Opel seemed to be preparing for an insolvency at Opel, having hired three law firms with renowned insolvency experts. The paper said GM Europe would be advised by Baker McKenzie as well as Clifford Chance, while the management of Adam Opel GmbH had hired Heidelberg-based firm Wellensiek. The GM Europe spokesman said the company had hired the firms to assess the effect of potential restructuring measures.

Meanwhile, the online edition of German magazine Focus on Saturday cited unnamed members of the German cabinet as saying Opel never paid tax in Germany because it transferred profit to its US parent.