G.M. and Chrysler Defend Dealer Closings to Senate Panel
By Joshuah at 4 June, 2009, 6:46 am
The chief executive of G.M., Fritz Henderson, and the vice chairman of Chrysler, James E. Press, said dealerships that sold a smaller number of vehicles weighed down their companies. A more streamlined corps of dealers, they said, was vital for survival.
“I can surely empathize with the dealers who were not brought forward into the new [...]
GM bankruptcy plan eyes quick sale to government
By Joshuah at 20 May, 2009, 10:33 am
f General Motors Corp (GM.N) files for bankruptcy, as widely expected, its healthy assets will be quickly sold to a new company owned by the U.S. government, a source familiar with the situation said on Tuesday.
The source, who was not cleared to speak with the media and would not be identified, said the U.S. government [...]
Chrysler: Doomsday jobs warning, hundreds of thousands of jobs could be lost
By Joshuah at 3 May, 2009, 6:23 am
Chrysler began its stint in bankruptcy court on Friday with a plea for haste and a doomsday warning that, if it could not execute its proposed restructuring within two months, hundreds of thousands of jobs could be lost.
Outside the Manhattan courtroom, the row over the Chapter 11 filing rumbled on with creditors crying foul and [...]
Chrysler talks collapse, bankruptcy imminent
By Joshuah at 30 April, 2009, 6:32 am
Talks between the Treasury Department and lenders aimed at keeping Chrysler LLC out of bankruptcy broke down Wednesday, making it all but certain the car maker will file for Chapter 11 protection Thursday, The Wall Street Journal reported late Wednesday, citing people familiar with the discussions. Administration officials, who have been braced for a Chrysler [...]
Read More >>GM, Chrysler May Face Bankruptcy to Protect U.S. Debt
By Joshuah at 9 February, 2009, 11:03 am
Source: Bloomberg.com
General Motors Corp. and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, a course of action the automakers claim would destroy them.
U.S. taxpayers currently take a backseat to prior creditors, including Citigroup Inc., JPMorgan Chase & Co. and [...]
It’s the end of the line for SUV plants in the United States
By Joshuah at 24 December, 2008, 5:47 am
Source: International Herald Tribune
Even a U.S. government bailout could not save three of the last remaining plants in the United States still making sport utility vehicles.
Reeling from its financial problems and a collapsing SUV market, General Motors on Tuesday closed its factories in this city and in Moraine, Ohio, marking the passing of an era [...]
Auto bailout bill dies in Senate
By Joshuah at 12 December, 2008, 6:33 am
Source: CNN.com
The collapse of negotiations could possibly doom General Motors to a bankruptcy and closure in the coming weeks, with Chrysler potentially following close behind.
While Ford Motor has more cash on hand to avoid an immediate crisis, its production could be disrupted by problems in the supplier base, as could the production of overseas automakers [...]
Bush’s Auto Bailout Plan Lacks the Votes to Pass U.S. Senate
By Joshuah at 11 December, 2008, 2:20 pm
Source: Bloomberg.com
The Bush administration’s $14 billion automaker bailout plan and other alternatives lack the votes to pass the Senate, as lawmakers seek to beat a deadline to keep General Motors Corp. and Chrysler LLC from collapsing.
GM and Chrysler are in a race against the clock as they need federal aid to keep from running [...]
GM, Chrysler considering bankruptcy to get bailout
By Joshuah at 4 December, 2008, 6:23 am
Source: Reuters
General Motors Corp and Chrysler LLC are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multi-billion dollar government bailout, Bloomberg reported, citing a person familiar with internal discussions.
In response to automakers’ bailout plea, staff for three members of Congress have asked restructuring experts if a pre-arranged bankruptcy — negotiated with [...]
Big Three failure may be catastrophe
By Joshuah at 23 November, 2008, 6:39 am
Source: The News Journal
Moody’s Economy.com chief economist Mark Zandi estimates that 2.6 million jobs — about 1.9 percent of the U.S. work force — would be lost if GM, Chrysler and Ford were to go under.
That includes more than 255,000 people directly tied to the three companies and another 2.3 million whose jobs are indirectly [...]
Big Three auto CEOs flew private jets to ask for taxpayer money
By Joshuah at 20 November, 2008, 7:20 am
Source: CNN.com
Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money.
“There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they’re going [...]
