Shrinking auto giant pains Ohio
More bad GM news likely Monday

Sunday,  May 31, 2009 3:38 AM

By Dan Gearino
 

THE COLUMBUS DISPATCH

General Motors’ assembly plant in Lordstown, upgraded in 2004, is one of six GM plants still running in Ohio. On Monday, one or more of those plants might be told it’s closing.

For the auto industry, this [...]

GM-Chrysler bailout: $14,705 per new vehicle

 
By Mark Milke, Calgary HeraldMay 31, 2009 7:53 AM
 

function resizeImage() {
var imgBox = document.getElementById(‘imageBox’);
var photo = document.getElementById(’storyphoto’);
if (imgBox != null & photo != null)
{
if(photo.width >= 460)
{
imgBox.className = ‘imagesize460′;
}
else
{
if(photo.width >= 300)
{
imgBox.className = ‘imagesize310′;
}
else
{
imgBox.className = ‘imageboxpadding’;
}
imgBox.style.width = photo.width + ‘px’;
}
}
}
function getStoryFontSize() {
var storyfontsize = getCookie(’storyfontsize’);
// use cookied value, [...]

Appraising the Auto Industry Wreck
 

Barring divine intervention come Monday, GM will be in bankruptcy and probably around the end of the summer will emerge as a new company owned for all intents and purposes by the U.S. government. Chrysler probably comes out of bankruptcy next week, also under government control.
Given all of that, I thought [...]

Majority of GM bondholders agree to swap – source
Sun May 31, 2009 9:34am EDT
* Slightly more than 50 pct said to back swap for equity (Recasts first paragraph; adds background on GM’s condition)
WASHINGTON, May 31 (Reuters) – A majority of General Motors bondholders have agreed to a debt-for-equity exchange, a source familiar with the voting [...]

Autos
A Sickening Outcome For GM Retirees
Joann Muller, 05.29.09, 7:25 PM ET
 
 
 
General Motors’ 377,000 retired autoworkers might as well kiss their gold-plated health benefits goodbye.
A trust fund set up a few years ago to protect those benefits–while allowing General Motors to clean up its balance sheet–is seriously underfunded. Now, the United Automobile Workers union is about [...]

GM sets announcement for Monday in NYC; White House braces

By TIM HIGGINS and JUSTIN HYDE
FREE PRESS BUSINESS WRITERS
Updated at 8:55 p.m.
General Motors, which is expected to file for bankruptcy reorganization Monday, announced today that CEO Fritz Henderson will hold a midday news conference Monday at the GM Building in New York City.
Bankruptcy experts have [...]

Government Motors? The New Face of GM
Nation’s Largest Automaker Expected to File for Bankruptcy; Government to Take Control of Nearly Three-Quarters of Company
By ERIC HORNG
May 30, 2009—
 
With General Motors cruising toward a Monday bankruptcy filing, a flurry of last-minute deals are being made to speed the company’s road through Chapter 11 protection.
Today, GM’s creditors faced [...]

Saturday, May 30, 2009
Obama: No choice but to take majority stake in GM
Gordon Trowbridge / Detroit News Washington Bureau
Washington — President Barack Obama said his administration had no choice but to take a majority stake in General Motors in a television interview that aired Saturday.
"That was the only way we were going to be able [...]

Saturday, May 30, 2009
General Motors stock dives; Opel sold
Shares fall under $1; deal agreed with Magna
Robert Snell and Christine Tierney / The Detroit News
Shares in General Motors Corp. sank below $1 Friday on what many investors anticipated would be their last trading day before an all-but-certain bankruptcy filing by the biggest U.S. automaker.
GM officials scrambled [...]

Manny Lopez
Unions face new challenge from right-to-work movement

Detroit — Mark Mix’s phones are ringing a bit more often from workers in Michigan, and he is spending more time in the state these days.
For the president of the National Right to Work Committee, that means something.
"The worse it gets with the economy and everything else, the [...]

GM workers vote 74% in favor of UAW contract
 
Union says GM will save as much as $1.3 billion a year
queryvar=”gm,workers,vote,74%,in,favor,of,uaw,contract”;

David Barkholz
and Chrissie Thompson
Automotive News | May 29, 2009 – 1:35 pm EST
 

DETROIT — General Motors hourly workers represented by the UAW overwhelming approved contract concessions this week in advance of GM’s probable bankruptcy [...]

Magna prevails in deal to protect Opel from GM bankruptcy
 
Call from Obama said to have helped clear hurdles
queryvar=”magna,prevails,in,deal,to,protect,opel,from,gm,bankruptcy”;

Automotive News | May 29, 2009 – 2:46 am EST
 

BERLIN (Reuters) — Germany reached a landmark deal with Canadian supplier Magna International Inc., General Motors and governments to save Opel from the imminent bankruptcy of its U.S. parent.
[...]

Automotive News | May 30, 2009 – 3:05 pm EST
 
GM deadline passes for creditors to accept sweetened offer
 

queryvar=”gm,deadline,passes,for,creditors,to,accept,sweetened,offer”;

DETROIT (Reuters) — General Motors today finished a key piece of business before a bankruptcy filing planned for Monday as the deadline for bondholders to accept an exchange offer brokered by the Obama administration expired.
[...]

General Motors Sets Monday Press Event;
Henderson Likely to Detail Chapter 11 Filing
May 30, 2009 9:18 a.m.
By Roberta C. Yafie
NEW YORK — General Motors Corp, will hold a midday press conference here Monday to detail the company’s future and, it is expected, its filing for bankruptcy protection.
Fritz Henderson, GM’s president and chief executive officer, will [...]

Thursday, May 28, 2009
Daniel Howes
Suppliers feel the heat from GM’s impending bankruptcy

As many as 1,400 suppliers to General Motors Corp. today expect to receive their cut of roughly $2 billion in payments from the beleaguered automaker, teetering near a historic bankruptcy filing likely to come as early as Monday.
The payments, part of GM’s "MNS-2" supplier [...]