Uncertainty worries workers at Spring Hill GM plant
Posted:
var wn_last_ed_date = getLEDate(“Mar30, 2009 6:09 PM EST”); document.write(wn_last_ed_date);
March 30, 2009 05:09 PM CDT
President Obama said no Monday to loaning billions more to two of the three big auto makers.
GM and Chrysler were seeking more than $21 billion to keep their assembly lines running in addition to the [...]
Tuesday, March 31, 2009
GM must cut deal with bondholders
Obama warns of high debt risk if carmaker files for bankruptcy
Robert Snell / The Detroit News
General Motors Corp. CEO Rick Wagoner may have lost his job, but the Obama administration Monday warned bondholders they risk losing much more, namely billions in debt payments unless they agree to [...]
Tuesday, March 31, 2009
GM, Chrysler in crisis
Feds: Bankruptcy may be best option
David Shepardson and Gordon Trowbridge / Detroit News Washington Bureau
Washington — President Barack Obama asserted sweeping control over the fate of General Motors Corp. and Chrysler LLC on Monday, grimly warning they may be forced into a short-term bankruptcy in the coming months.
"We also [...]
Tuesday, March 31, 2009
Daniel Howes
Commentary: Obama effectively becomes CEO-in-chief
President Obama says he wants to save America’s auto industry. He says General Motors Corp., under a new CEO, has 60 days to sharpen its restructuring or submit to bankruptcy. He’s giving Chrysler LLC 30 days to complete an alliance with Fiat SpA of Italy lest Detroit’s [...]
Tuesday, March 31, 2009
Obama picks ex-deputy Labor secretary to be auto industry point man
Former MSU professor will monitor GM and Chrysler restructuring
Gordon Trowbridge / Detroit News Washington Bureau
Washington — The Obama administration’s point man for bringing aid to battered auto industry communities is a wide-ranging academic with a sensitivity to the industry’s struggles, a colleague [...]
Corker worries TN plant could be targeted
Gannett
By Bill Theobald, Gannett Washington Bureau
Sen. Bob Corker said Monday that the Obama administration is making a "power grab” in directing the makeover of General Motors, and he wants to make sure it doesn’t close GM’s Spring Hill plant for political reasons.
"Certainly, I’m laying a marker out there,” [...]
Monday, March 30, 2009
Japanese automakers worry about GM, Chrysler
Yuri Kageyama / Associated Press
Tokyo– Japanese automakers reacted with anxiety to news that ailing U.S. automakers General Motors and Chrysler had failed to submit acceptable plans to receive more government money, increasing the odds they may have to file for bankruptcy protection. The news also weighed on [...]
Monday, March 30, 2009
Daniel Howes
Wagoner takes the fall for GM
Auto task force’s close look at company leads to decision that management is to blame
As soon as President Barack Obama began using the words "failed management" in connection with the prospect of more federal aid for General Motors Corp., CEO Rick Wagoner’s days were numbered.
The 56-year-old [...]
Monday, March 30, 2009
Feds to take hands-on role in GM, Chrysler restructuring
David Shepardson / Detroit News Washington Bureau
Washington — The Obama administration will take a much more hands-on role in the restructuring of General Motors Corp. and Chrysler LLC, providing both with short-term aid but insisting on and overseeing immediate dramatic changes.
The administration has set [...]
GM’s Wagoner quits under U.S. pressure as 2nd bailout nears
Henderson is CEO, Northrop’s Kresa interim chairman
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Automotive News | March 30, 2009 – 12:01 am EST
WASHINGTON (Reuters) — General Motors CEO Rick Wagoner has resigned under pressure from the Obama administration as the government prepares to announce today a second bailout for the company and Chrysler [...]
Sunday, March 29, 2009
GM: Obama administration to make announcement on restructuring soon
The Detroit News
General Motors Corp. issued a brief statement Sunday saying it expected an announcement soon from the Obama administration regarding the U.S. auto industry’s restructuring but declined to comment further.
"We are anticipating an announcement soon from the Administration regarding the restructuring of the [...]
Sunday, March 29, 2009
Wagoner forced out at GM
Christine Tierney and David Shepardson / The Detroit News
General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner is stepping down immediately after being asked by the Obama administration to give up his position at the helm of the largest U.S. automaker, people familiar with the situation said.
Wagoner’s [...]
Staff and wire reports
Automotive News | March 29, 2009 – 5:29 pm EST
GM’s Wagoner to quit as Obama readies decision, sources say
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DETROIT — General Motors CEO Rick Wagoner is about to resign after eight years as the Obama administration prepares to decide on the automaker’s request for additional government rescue loans, two people [...]
March 28, 2009
Obama readies auto aid; GM bondholders get offer
BY TIM HIGGINS and JUSTIN HYDE
FREE PRESS BUSINESS WRITERS
After briefings with President Barack Obama this week, his auto task force met Friday, "winding down the decisions that have to be made" about the U.S. auto industry, White House spokesman Robert Gibbs said.
Obama is to unveil [...]
Saturday, March 28, 2009
Auto aid to come with more strings
Obama to announce bailout plan Monday; GM execs briefed as task force works through weekend.
David Shepardson / Detroit News Washington Bureau
WASHINGTON — President Barack Obama will offer his long-awaited assessment of the viability of struggling General Motors Corp. and Chrysler LLC on Monday, when he is [...]
