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GM says withdrawing all EU loan guarantee applications

General Motors’ Opel unit said Wednesday it was withdrawing all applications for loan guarantees from European governments, saying it would fund its planned restructuring itself.

“The validity and reasons for requesting government guarantees have also not changed but the process has proven to be much more complex and longer than anticipated,” the firm said in a statement.

“GM’s recently improved financial strength has also been a catalyst for making this decision.”