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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 Search Search: GM fate uncertain, Chrysler poised for overhaul AFP - Thursday, May 28 BERLIN (AFP) - - The German government backed away from a key decision Wednesday on the fate of General Motors as the fallen US giant moved closer to bankruptcy and as rival Chrysler braced for a major overhaul. ADVERTISEMENT A German government spokesman said it was unlikely that Germany would name its preferred bidder for GM unit Opel at a meeting on Wednesday night. "I don't expect a decision on a single investor," 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. Chrysler was meanwhile facing its own day of judgment Wednesday as a New York bankruptcy court was to rule on a sale of key assets to give the company a fresh start in a partnership with Fiat. If Judge Arthur Gonzalez approves the fast-track plan, a new Chrysler could emerge within days, according to President Barack Obama's administration, which is spearheading the plan and providing emergency funding. Both GM and Chrysler have been victims of plunging demand in a crippling global recession as well as their own mis-steps in favoring big, energy-inefficient vehicles that have fallen out of favor with cash-strapped consumers. Propped up by US government funds and facing a June 1 deadline to come up with restructuring measures to avoid bankruptcy, GM is 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 it is offering billions of euros (dollars) in loan guarantees and has most of GM Europe's factories and employees. The frontrunner for Opel has been Canadian auto parts giant Magna International, backed by Russia's top bank, the 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. But 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, Belgium's Honsel, as well as Columbia Music Entertainment. In a last-minute dramatic twist, Berlin confirmed Wednesday that it had received interest in Opel from a Chinese firm, reportedly Beijing Automotive Industry Corporation. GM's overall prospects became even murkier Wednesday after the company said it had failed to win sufficient support from its bondholders for a deal to swap debt for equity, making a bankruptcy filing more likely. When exchange offers expired late Tuesday "the principal amount of notes tendered was substantially less than the amount required by GM," the automaker said in a statement. GM had sought to exchange 27.2 billion dollars of its notes for shares in the automaker to meet conditions in agreements with the US Treasury and its own "viability" plan. "Since these conditions, as well as certain other conditions, have not been satisfied, the exchange offers will not be consummated," GM said. GM was therefore widely expected to file for bankruptcy protection ahead of the June 1 deadline imposed by the Obama administration, which has been providing the automaker with billions of dollars in emergency loans. Chrysler's fate, by contrast, appeared somewhat clearer Wednesday ahead of the court ruling. A US Treasury court filing last week said that if approved by Judge Gonzalez, a proposed asset sale would likely be closed by Friday "and the launch of a new Chrysler achieved." Although the "old" Chrysler may still be subject to a long period of court supervision, the new firm led by Fiat would be able to begin operations with Chrysler's plants and workers, but freed of much of its debts and legacy costs. The third-largest US automaker was forced to file for bankruptcy protection on April 30 and agreed to an alliance with Fiat. In return for a 20 percent stake, Fiat will allow Chrysler access to its technology to enable the US carmaker to make the smaller, greener cars that are increasingly in demand. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo The logo of German carmaker Opel in front of a logo of Italian carmaker Fiat. The German government backed away from a key decision Wednesday on the fate of General Motors as the fallen US giant moved closer to bankruptcy and as rival Chrysler braced for a major overhaul. Most Popular – Top Stories 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! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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