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As General Motors prepares for bankruptcy, Fiat and Magna slug it out* }2 ^# U- n5 {( w% T2 T0 \1 l
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! H) i+ t( C& V8 W1 {SAVING General Motors’ cash-strapped European division from the consequences of its parent’s bankruptcy was always likely to prove both complicated and highly political. With GM all but certain to apply for Chapter 11 protection this weekend, the German government was under pressure to move quickly. GM needed to be able to tell the bankruptcy court that a sale of all or part of its Opel and Vauxhall subsidiaries was under way. Angela Merkel’s coalition government required a firm basis on which to guarantee bridging loans of |
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