Bondholders have refused to accept an offer of ten cents on the dollar in an out of court reorganization, for General Motors is almost certain to file for bankruptcy under Chapter 11, probably by Monday or Tuesday, and quite possibly sooner. These general creditors believe that they will get a better deal in court than they would in the deal that they were offered (and they may be right).
Germany has several bidders lined up to help rescue the European division of General Motors and is interested turning Opel into a free standing company separate from General Motors.
GM sold 8.35 million cars worldwide in 2008. About 2 million of these sales were in Europe, including about 500,000 cars sold under the Chevrolet brand and some sold under the Saab brand, among others. Opel is the largests of the European brands, however and might seek to acquire other European assets of General Motors.