Berlin - Giant US carmaker General Motors' German offshoot Opel may face insolvency in late spring, German daily Bild reported Saturday.

A government panel reviewing the carmaker's guarantee requirements stated, "insolvency threatens from May/June," according to the newspaper. The board represents several government ministries as well as the federal states where Opel owns factories.

Opel reportedly needs a cash injection of up to 3.3 billion euro (4.2 billion dollars), but has not found a bank willing to fund the required credits, the newspaper stated.

Bild also reported that additional losses expected up to 2011 would create new capital requirements of 1.1 billion euro.

An economics ministry spokesperson refused to confirm the report, saying the government panel discussions were confidential.

The spokesperson also said that there was presently no draft document which made it possible to evaluate what assistance might be necessary or available.

According to Bild, only a rescue guarantee package could help Opel in the short term. EU legislation specifies that, in return, the company would need to commit to huge cuts in staff and production capacity. (dpa)