German Opel trustee plan has not failed, Merkel says

BERLIN (Reuters) - A German government plan for assigning a trustee to protect Opel assets should the carmaker's U.S. parent, General Motors (GM.N), file for bankruptcy, is not done for, Chancellor Angela Merkel said on Sunday.

The plan, which has met some resistance in the United States, has been put forward by Germany's economy minister and foresees a trustee protecting Opel assets if GM files for bankruptcy before a partner has been found for Opel.

Asked by an Opel worker at a town hall-style meeting if the trustee plan had "gone down the drain," Merkel replied: "I think nothing has gone down the drain so far."

Under Economy Minister Karl-Theodor zu Guttenberg's plan, a trustee could protect Opel assets from GM creditors while a consortium of banks could provide Opel with bridge financing until another investor takes it over.

On Wednesday, Guttenberg is due to review competing plans to partner Opel from Italian carmaker Fiat (FIA.MI) and Austrian-Canadian auto-parts maker Magna MGa.to. Merkel said the government did not yet know the details of these plans.

"We don't know the investor plans either," she said, adding that the government would look at them closely.

GM will ultimately decide which investor will get Opel, but the company has said the German government will play a big role. Opel's four plants in Germany employ 25,000 people.

"The government is paying attention to Opel," Merkel said. "We are doing everything to be helpful."

(Reporting by Paul Carrel, editing by Maureen Bavdek)