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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: GM future in the balance, Chrysler set for overhaul AFP - Thursday, May 28 BERLIN (AFP) - - The future of General Motors looked ever more uncertain on Wednesday as the fallen US giant moved closer to bankruptcy and rival Chrysler readied for a major overhaul and a tie-up with Italy's Fiat. ADVERTISEMENT GM said it had failed to win sufficient support from its bondholders for a deal to swap debt for equity, a key step in a restructuring plan submitted to Washington to secure US government funding for a massive restructuring. The outcome immediately raised fears that the company, recently the world's largest auto firm, would not be able to meet a June 1 deadline to show the US Treasury that it had made enough progress to merit further support. GM, which has already got 19 billion dollars in federal funds to keep it afloat, faced more problems Wednesday when the German government said it was unlikely to name a preferred bidder for its Opel unit. Instead, more talks were in prospect, confounding hopes that Opel's future could be decided relatively quickly at a meeting due to begin at 1900 GMT of German and US government and company officials. "I don't expect a decision on a single investor," German chancellory spokesman Ulrich Wilhelm told AFP. "It is much more in the interest of Opel and taxpayers that talks continue with several competing interested parties," Wilhelm said. Another government spokesman, Thomas Steg, told a regular press briefing: "It is not possible that everything can and will be decided. "What is more likely is that after this evening's talks with all parties, future talks ... will be continued with at least two potential investors," Steg said. Meanwhile, the US Bankruptcy Court opened a hearing Wednesday on whether to approve the sale of Chrysler under a plan to give the ailing automaker a new start with Italy's Fiat. Judge Arthur Gonzalez began hearing testimony in a packed New York court. If he approves the plan, a new Chrysler could emerge within days, but the company's dealership owners, many of whom face being shut down, and creditors are among opponents to the tie-up with Fiat. Attorneys for opponents argued that Chrysler's sale was being rushed through without regard to their rights but legal representatives for supporters of the plan noted that there was only one buyer -- Fiat -- and they could walk away at any time. Both GM and Chrysler have fallen victim to a crippling global recession which has savaged demand, as well as to their own mistakes in favoring big, fuel-guzzling autos that are out of favour with cash-strapped consumers. Propped up by US government funds, GM has been anxious to sell off its Opel unit, which employs some 25,000 people in Germany and thousands more across Europe. While a final decision on who will take over Opel lies with GM and the US government, Germany has a major say because, as host to most of GM's European operations, it is offering billions of euros (dollars) in loan guarantees to keep the company going. The frontrunner for Opel has been Canadian auto parts giant Magna International, backed by Russia's top bank, state-controlled Sberbank, which would see Russian truck maker GAZ making Opel vehicles in Russia. For its part, Italian car giant Fiat seeks to combine GM's European and Latin American operations with Chrysler, in which it holds a 20 percent stake, to create the world's second largest automaker after Japan's Toyota. However, the Italian bid has fallen foul of Opel's powerful union bosses as details leaked out of sweeping job cuts, which according to Fiat boss Sergio Marchionne could affect as many as 10,000 jobs across Europe. Brussels-based RHJ International, a third bidder, owns stakes in auto parts firms including Niles and Asahi in Japan and Belgium's Honsel, as well as Columbia Music Entertainment. In a last-minute twist, Berlin confirmed Wednesday that it had received interest in Opel from a Chinese firm, reportedly Beijing Automotive Industry Corporation. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business India Hot Stocks: MRPL extends gains on resultsReuters - Wednesday, May 27 Yuan down ahead of Geithner's visit, volatilities upReuters - Wednesday, May 27 SCENARIOS-How markets may react to China's May PMIReuters - Wednesday, May 27 Indian shares rise 2.2 pct early on strong AsiaReuters - Wednesday, May 27 No dethroning dollar despite risks-China FX officialReuters - Wednesday, May 27 Enlarge Photo GM future in the balance, Chrysler set for overhaul Most Popular – Business Viewed Canada's governor eats raw seal heart NZealand zookeeper killed by white tiger: police Climate change: World's destiny at stake Medvedev scolds officials for gloomy forecasts Vitamin D boosts brain power in middle-aged men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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