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 clean Chrysler’s balance sheet, [...]
Chrysler will idle most plants while in bankruptcy
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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 [...]
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 under their plan, while [...]
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 franchise.
[...]
GM bondholders present alternate plan to task force
Lenders claim their proposal saves taxpayers $10 billion
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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 company for $27 billion in debt.
[...]
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 official said today.
[...]
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, a stake that has [...]
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 Obama administration wants automakers to [...]
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 government takeover of the two [...]
April 28, 2009
Salaried at GM should expect more cuts
[...]
April 28, 2009
Which GM factories are likely to close
[...]
April 28, 2009
UAW could put VEBA on shaky ground
[...]
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 percent of the equity in the [...]
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, CEO Fritz Henderson said today.
[...]
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
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DETROIT – General Motors Corp. could be [...]
