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 in payments through the [...]
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 [...]
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 regulators.
The move by Southeastern, one of [...]
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 deadline passed on Friday, the company declined [...]
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 Detroit received notice of the buyout offers [...]
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 accept at least $1.5 [...]
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 operations include plants in LaVergne and Warren [...]
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 more than [...]
