GM, Chrysler bankruptcies could bury U.S. pension backer BY TODD SPANGLER FREE PRESS WASHINGTON STAFF WASHINGTON — Should General Motors Corp. and Chrysler LLC be pushed into bankruptcy and become unable to support retirees’ pension plans, it could create an unprecedented strain on the government-sponsored corporation that guarantees those benefits. A report from the nonpartisan [...]
This will be GM’s last chance to get it right BY TOM WALSH FREE PRESS COLUMNIST D-Day for General Motors Corp. is June 1. And this time, they mean it — "they" being GM management and the U.S. Treasury Department that controls the life-support loans keeping GM alive. GM either reinvents itself by then [...]
April 24, 2009 Treasury lends $2 billion more to GM By TODD SPANGLER FREE PRESS WASHINGTON STAFF WASHINGTON – The Treasury Department loaned General Motors an additional $2 billion this week, bringing the total lent so far to the biggest American carmaker to $15.4 billion. The additional loan was made Tuesday, according to a report [...]
Friday, April 24, 2009 Salaried auto retirees meet with White House reps David Shepardson / Detroit News Washington Bureau Washington — A senior advisor to the Obama auto task force met with representatives of 200,000 auto industry salaried retirees for an hour this morning, promising to hear their concerns. Chuck Austin, president of the National [...]
Friday, April 24, 2009 GM employee stock in 401(k) plans sold on bankruptcy risk David Shepardson / Detroit News Washington Bureau The manager of General Motors Corp.’s employee stock fund sold all shares of company stock on fears the automaker could be forced to file for bankruptcy in the coming weeks, the company said Friday. [...]
Neil Roland Automotive News | April 24, 2009 – 4:15 pm EST Automakers, UAW want green credits to fund industry upgrades Gore says failure to pass ‘would be awful to contemplate’ queryvar=”automakers,uaw,want,green,credits,to,fund,industry,upgrades”; WASHINGTON — Federal revenue from a cap-and-trade program in the draft climate-change legislation should be used to develop environment-friendly vehicles, automakers [...]
GM prepares to announce Pontiac closure next week queryvar=”gm,prepares,to,announce,pontiac,closure,next,week”; Jamie LaReau Automotive News | April 24, 2009 – 1:45 pm EST General Motors is preparing to announce early next week that the Pontiac brand will be eliminated, said a source familiar with the company’s plans. The announcement will be made as part of [...]
Friday, April 24, 2009 Daniel Howes Commentary: U.S. will blame bankers if Chrysler goes bankrupt If Chrysler LLC lands in bankruptcy court as early as next week, everyone will blame the bankers — whether they deserve it or not. I say this not because it would be entirely fair, either, unless "fiduciary responsibility" and the [...]
Automotive News | April 24, 2009 – 12:01 am EST Canadian union chief says he expects Chrysler deal today queryvar=”canadian,union,chief,says,he,expects,chrysler,deal,today”; TORONTO (Reuters) — The head of the Canadian Auto Workers union said he expects to have a cost-savings agreement completed with Chrysler LLC by early today. "With a good effort from everybody, we [...]
