Thursday, April 30, 2009 Chrysler files for Chapter 11 bankruptcy David Shepardson / Detroit News Washington Bureau Washington — Chrysler LLC filed for bankruptcy protection Thursday afternoon and announced it has reached a partnership agreement with Italian automaker Fiat SpA. The filing in U.S. Bankruptcy Court in New York is an effort to quickly wipe [...]
Chrysler will idle most plants while in bankruptcy queryvar=”chrysler,will,idle,most,plants,while,in,bankruptcy”; David Barkholz and and Robert Sherefkin Automotive News | April 30, 2009 – 2:47 pm EST DETROIT — Chrysler LLC will idle most of its plants during its time in bankruptcy. The shutdown begins Monday and will stretch through the 30 to 60 days [...]
Thursday, April 30, 2009 GM bondholders seek to take majority stake Associated Press New York — A committee of General Motors Corp.’s bondholders has offered to take a 58-percent stake in the restructured automaker in exchange for their $27 billion in debt. The bondholders say the U.S. government wouldn’t take a stake in the automaker [...]
GM will pay terminated dealers only for inventory, parts queryvar=”gm,will,pay,terminated,dealers,only,for,inventory,parts”; Jamie LaReau Automotive News | April 29, 2009 – 11:56 am EST DETROIT — General Motors says it will repurchase unsold new vehicles and parts from dealers whose franchise agreements are terminated, but the automaker won’t compensate dealers for the loss of the [...]
GM bondholders present alternate plan to task force Lenders claim their proposal saves taxpayers $10 billion queryvar=”gm,bondholders,present,alternate,plan,to,task,force”; Automotive News | April 30, 2009 – 12:01 am EST DETROIT (Reuters) — Bondholders today presented an alternative to General Motors’ just-launched debt-for-equity exchange in a deal that would swap a 51-percent stake in a restructured [...]
Chrysler will proceed with bankruptcy as Fiat deal appears close Talks with bondholders halted; Obama to speak at noon queryvar=”chrysler,will,proceed,with,bankruptcy,as,fiat,deal,appears,close”; Automotive News | April 30, 2009 – 7:48 am EST WASHINGTON (Reuters) — Chrysler LLC will proceed with Chapter 11 bankruptcy protection now that talks with debt holders have broken down, an administration [...]
Wednesday, April 29, 2009 Daniel Howes Commentary: Federal control of General Motors is game changer With the arguable exception of the disastrous British Leyland experiment in the 1970s, even the Europeans never went this far. Not in post-war France, when Charles DeGaulle nationalized Renault SA in 1945 to punish its founder for alleged enemy collaboration, [...]
When Saturn goes, so does a quarter of GM’s hybrid sales queryvar=”when,saturn,goes,so,does,a,quarter,of,gm’s,hybrid,sales”; Richard Truett Automotive News | April 28, 2009 – 2:06 pm EST When General Motors closes down Saturn later this year, it will lose just over a quarter of its sales of fuel-saving hybrids — the type of vehicles that the [...]
April 24, 2009 Plight of Carmakers Could Upset All Pension Plans By MARY WILLIAMS WALSH Decisions that the government will make soon on the future of General Motors and Chrysler could accelerate the decline of traditional pension plans, which have sheltered generations of workers from an impoverished old age. Pension experts predict that a [...]
April 28, 2009 Salaried at GM should expect more cuts BY JEWEL GOPWANI FREE PRESS BUSINESS WRITER As General Motors Corp. prepares to close more plants and shed more hourly workers, the automaker warned Monday that its salaried workforce also should expect further cuts. "We’re going to go deeper. I anticipate that we will [...]
April 28, 2009 Which GM factories are likely to close By Greg Gardner Free Press Business Writer General Motors still hasn’t identified the 16 plants — the number established in its Feb. 17 filing with the federal government — that it will close or idle by the end of 2012. But these seem vulnerable: [...]
April 28, 2009 UAW could put VEBA on shaky ground Union agrees to take half from Detroit 3 BY GREG GARDNER FREE PRESS BUSINESS WRITER With ranks of active UAW workers shrinking and the pool of retirees growing, the union’s decision to accept half of what General Motors and Chrysler owe to the retiree [...]
Chrysler-UAW agreement said to give union 55% stake Deal also would allow more lower-wage workers queryvar=”chrysler-uaw,agreement,said,to,give,union,55%,stake”; David Barkholz Automotive News | April 28, 2009 – 12:09 am EST UAW local chiefs late Monday unanimously approved labor concessions that would cut Chrysler LLC’s cash payments to a retiree health-care trust in exchange for 55 [...]
GM accelerates Saturn shutdown to this year No plans to rebadge Pontiac models queryvar=”gm,accelerates,saturn,shutdown,to,this,year”; Richard Truett Automotive News | April 27, 2009 – 9:37 am EST General Motors plans to build the last Saturn vehicles this year, two years earlier than first envisioned, as it speeds up efforts to shed dealerships and divisions, [...]
GM to shed 21,000 U.S. factory jobs, Pontiac Carmaker could be majority owned by government under a new plan The Associated Press updated 10:45 a.m. CT, Mon., April 27, 2009 function UpdateTimeStamp(pdt) { var n = document.getElementById(“udtD”); if(pdt != ” && n && window.DateTime) { var dt = new DateTime(); pdt = dt.T2D(pdt); if(dt.GetTZ(pdt)) {n.innerHTML [...]
