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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
