By Sharon Terlep
Of DOW JONES NEWSWIRES
DETROIT -(Dow Jones)- General Motors Chief Executive Fritz Henderson said Thursday he will pick a new management team for the auto maker's Opel/Vuaxhall unit within "weeks or days."
Henderson also told reporters that he is confident GM can secure financing for its EUR3 billion plan to restructure Opel after the GM board dropped plans to sell a majority stake in the business.
The executive, who had backed the sale before the new GM board called for Opel's retention, reiterated that it is prepared to repay emergency loans provided by the German government.
While GM is seeking support from European governments for Opel, Henderson said funding options included reducing a royalties that the European unit pays to its parent. It could also seek funds provided by the U.S. Treasury, which controls the auto maker following its own bankruptcy restructuring.
He said the board decided to drop the sale to a group led Canadian parts supplier Magna International Inc. (MGA) after a "very vigorous" discussion.
-By Sharon Terlep, Dow Jones Newswires; 248-204-5532; sharon.terlep@dowjones.com