FACTBOX-Germany's plans to create trustee for Opel

BERLIN May 27 (Reuters) - Germany's government plans to reach agreement on providing temporary financing for carmaker Opel if its parent, U.S. carmaker General Motors (GM.N), files for bankruptcy. Here are some facts about the plans to set up a trustee arrangement for Opel.

THE AIM

The German government wants to protect Opel's assets from GM creditors if GM files for bankruptcy and to ensure Opel has sufficient cash to continue operating until a partner has been found for the brand. The bridge financing requirement will probably amount to 1 billion euros to 2 billion euros.

STRUCTURE OF THE TRUSTEE MODEL

GM's shares in Opel would be parked with a trustee, most likely in the name of an accountant or legal firm, until a sale of the brand is completed. Opel patents, which would be valuable assets for creditors, would also be placed with the trustee.

German media have reported that an advisory board would consist of two representatives each from the U.S. and German governments and there would also be a fifth "neutral person".

TIMING?

The trustee arrangement could come into force very soon as Germany wants to get it set up before GM files for bankruptcy, which could happen in the next few days.

Earlier on Wednesday, Opel's supervisory board decided to transfer all European factories, sales organisations and some GM assets to the German unit, which will enable it to enter debt-free into a partnership.

WHO WILL FINANCE IT?

A banking consortium will take care of about 1.5 billion euros in bridge financing for Opel and the state will offer guarantees. Sources say the KfW state development bank, Germany's federal states which are home to Opel plants and their Landesbanks, or publicly-owned banks, will be part of the consortium.

German politicians, facing an election in September, want to avoid giving the impression taxpayers will shoulder the burden of an Opel rescue. They have made clear they want potential bidders to be ready to participate in the bridge financing, either by offering to pay it back or putting money up front themselves.

WHO HAS TO AGREE?

GM and the U.S. government would have to approve the plans.

(Compiled by Madeline Chambers; editing by John Stonestreet)