Friday, September 12, 2008 General Motors to take $3.4B in Delphi pension obligations David Shepardson / The Detroit News WASHINGTON — General Motors Corp. announced a deal to help its former parts unit emerge from bankruptcy Friday, agreeing to assume $3.4 billion of Delphi Corp.’s pension plan. GM said it would also make $1.2 billion [...]
GOVERNMENT LOANS FOR AUTOMAKERS Harry Stoffer Automotive News | September 12, 2008 – 1:30 pm EST Rick Wagoner WASHINGTON — General Motors CEO Rick Wagoner said today that limits on use of low-interest government loans should be loosened. He called his recommendation “an amplification of terms” rather than loosening. But he contended that a [...]
Value investor sells GM shares queryvar=”value,investor,sells,gm,shares”; Automotive News | September 12, 2008 – 12:01 am EST DETROIT (Reuters) — Southeastern Asset Management, a Memphis-based value investment firm, has sold a 7.9-percent stake in General Motors and swapped into a large position in the automaker’s senior convertible debt, according to filings with securities [...]
Nissan workers take buyouts in Tenn. queryvar=”nissan,workers,take,buyouts,in,tenn”; Lindsay Chappell Automotive News | September 12, 2008 – 4:14 pm EST NASHVILLE — Nissan North America reports that its offer to buy out 1,200 of its Tennessee factory workers with a lump sum payment of up to $125,000 has proven popular. As the buyout [...]
Chrysler launches new round of UAW buyouts queryvar=”chrysler,launches,new,round,of,uaw,buyouts”; David Barkholz and Bradford Wernle Automotive News | September 12, 2008 – 11:00 am EST DETROIT — Chrysler LLC is offering another round of employee buyouts to its Michigan work force. The 2,500 UAW hourly workers at Chrysler’s Warren Truck assembly plant in suburban [...]
Friday, September 12, 2008 GM, Delphi near pension deal Automaker may accept $1.5 billion in liabilities, help its ex-parts supplier emerge from bankruptcy. David Shepardson / Detroit News Washington Bureau WASHINGTON — General Motors Corp. and Delphi Corp., its former parts unit, may be close to reaching an agreement that would see the Detroit automaker [...]
Bridgestone to cut N.A. tire production queryvar=”bridgestone,to,cut,na,tire,production”; Automotive News | September 11, 2008 – 9:59 am EST NASHVILLE, Tenn. — Citing soft demand in the North American original equipment and replacement markets, Bridgestone/Firestone (BFS) is reducing tire production in North America through the end of 2008, the company said this week. Affected [...]
GM settles lawsuit over faulty Saturn transmissions Chrissie Thompson Automotive News September 11, 2008 – 6:00 pm ET General Motors has settled a class-action lawsuit involving early transmission failures in the more than 90,000 Saturn vehicles carrying its VTi continuously variable transmission. The settlement, which has preliminary approval from a federal judge, could cost GM [...]
