MUNICH -- General Motors' manufacturing boss in Europe, Eric Stevens, is one of the two trustees that will run Opel/Vauxhall until the unit is taken over by Magna International, German wire services said Tuesday.
The other trustee will be Alfred Hagebusch, a partner in the Frankfurt law firm Wellensiek, which specializes in dealing with distressed companies.
Opel, which has taken over most of the assets of GM Europe, will be run by the two trustees, backed by a board of five supervisors, until a deal is finalized for GM to sell a 55 percent stake in the business to a Russian-backed consortium led by Magna.
The trustee board will include two GM executives, two German government appointees and a neutral chairman, Fred Irwin, who heads the American Chamber of Commerce in Frankfurt and is seen as a bridge between the two sides, the Deutsche Presse-Agentur reported, citing government sources in Berlin.
The two trustees will oversee continuing talks with Magna, which aims to take over production of Opel and Vauxhall cars in partnership with Russian bank Sberbank and Russian vehicle maker GAZ.
Hagebusch, Stevens and the board would together constitute a trust under German law, with fundamental decisions taken by the board.
Stevens has been head of GM Europe's manufacturing since January 2006. The American executive joined GM in 1978.
On Saturday, Germany approved a last-minute deal to keep Opel afloat if parent GM declared bankruptcy.
Berlin agreed to provide 1.5 billion euros of bridge financing while GM negotiates a stake sale to Magna and Sberbank. The government also pledged to give Opel 4.5 billion euros of credit guarantees once the sale is completed.