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  1. German car dealer group Georg von Opel insolvent
    [ Windowscar.com ] [ Date : 2006-6-13 ] [ Editor : Paeson ] [ Comment ] [ Collection ]
    www.windowscar.com

    FRANKFURTGeorg von Opel, one of Germanys biggest car dealers, sought court protection from creditors on Monday while it implements a restructuring plan to rescue its outlets and save most of its 750 jobs. The group with 27 dealerships said in a statement it had filed an insolvency plan with a court in Frankfurt that seeks to cut costs and make operations more efficient. "The company sees good chances of fulfilling the plan this year and to emerge strengthened from this process," it said, adding sales were set to rise 10 percent this year from $252 million (200 million euros) in 2005. The company, founded in 1938, forecast it would return to operating profit in 2007. It said an investor group led by Deutsche Bank that took a stake last year supported the plan. A spokesman for General Motors unit Adam Opel AG said he assumed Opel customers would not be disadvantaged by the move and that the carmaker had a strong interest in seeing the Rhine-Main region remain well served by GM product dealers.

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