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Opel needs 3.3 billion euro through end 2011: source
FRANKFURT |
FRANKFURT (Reuters) - General Motors' German unit Opel is seeking from its government and labor force help in financing a 3.3 billion euro ($4.15 billion) liquidity gap through the end of 2011, a source at the group said on Friday.
Opel is asking for total state guarantees for loans that would amount to around 2.6 billion euros, with contributions in labor cost cuts from its workforce to provide the remaining 700 million euros, the person said.
Previously GM Europe President Carl-Peter Forster has said the company was looking for between 1-2 billion euros in loan guarantees from the German state to fund operations during a critical 2009 and 2010 when Opel is set to launch the fourth generation of its best-seller, the Astra hatchback.
(Reporting by Christiaan Hetzner)
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