General Motors

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Chrysler Bankruptcy Obama's Blunt Message to GM
Chrysler Bankruptcy Obama's Blunt Message to GM
OPINION
Apr 30, 2009 3:08 PM CDT

Chrysler Bankruptcy Obama's Blunt Message to GM

President not afraid to use 'the big stick' on ailing firms

(Newser) - In announcing Chrysler’s bankruptcy, President Obama shows other troubled firms and industries there’s a point where bailouts stop and hard choices begin—and that message must ring especially clear at General Motors, writes Tom Walsh for the Detroit Free Press. GM’s creditors will now be under a...

$1B Buys Quiet, 'Potent' Ride
 $1B Buys Quiet, 'Potent' Ride 
auto review
Apr 29, 2009 11:49 AM CDT

$1B Buys Quiet, 'Potent' Ride

(Newser) - To allay skepticism about progress on the development of the much-ballyhooed Chevrolet Volt, GM let Chuck Squatriglia of Wired take an engineering prototype for a spin. The vehicle—a Chevy Cruze with a Volt drivetrain—didn’t look like much, and not all of the features worked, but the ride...

Pontiac Dies, But Its Greats Live On
 Pontiac Dies, 
 But Its Greats Live On 
OPINION
Apr 27, 2009 3:57 PM CDT

Pontiac Dies, But Its Greats Live On

(Newser) - As General Motors' Pontiac line is phased out, Ben Wojdyla, on Jalopnik, remembers the truly great cars that bore the mark. If you've got one, keep your garage clean and await a payday.
  • 2009 G8 GXP: "GM should be saved for no other reason than to put the G8
...

GM to Cut 21K US Factory Jobs
 GM to Cut 21K US Factory Jobs 
Apr 27, 2009 8:53 AM CDT

GM to Cut 21K US Factory Jobs

Firm restructuring in bid for more government aid

(Newser) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today....

GM to Scrap Pontiac Brand
 GM to Scrap 
 Pontiac Brand 
Apr 24, 2009 3:04 PM CDT

GM to Scrap Pontiac Brand

(Newser) - GM plans to discontinue its underperforming Pontiac line, putting an end to the brand that inaugurated the era of the muscle car, CNNMoney reports. Though GM has not publicly announced the move, the fate of Pontiac has been in doubt since at least 2005, when an exec called the brand...

US Lends GM Another $2B
 US Lends GM Another $2B  
Apr 24, 2009 2:03 PM CDT

US Lends GM Another $2B

Funds mean firm can keep working towards restructuring deadline

(Newser) - The Obama administration provided General Motors with another $2 billion in low-cost federal loans today, MarketWatch reports. The funds are intended to keep the company operating as it attempts to restructure ahead of a June 1 deadline. GM has so far received $15.4 billion in loans from the government....

Auto Workers Fear Deep Cuts in Pensions

If Chrysler, GM go to bankruptcy court, 1 million workers likely to take pension cuts

(Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post. Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says...

Fiat Begins Talks With GM While Courting Chrysler

(Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin...

GM to Shut Most Factories for 9 Weeks

(Newser) - General Motors plans to shut most of its US factories for 9 weeks this summer, the AP reports. The shutdown will include the normal 2-week stoppage in July to gear up for new models, two sources said, blaming the move on slumping sales and rising inventories. GM, which has received...

GM Seeks Ways Around $1B Debt Payment

Automaker will swap for equity or seek court protection

(Newser) - General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when...

GM Spends $2.8M on Lobbying
 GM Spends $2.8M on Lobbying 
Apr 21, 2009 9:55 AM CDT

GM Spends $2.8M on Lobbying

(Newser) - General Motors spent $2.8 million on lobbying in this year’s first quarter, even as $13.4 billion in federal loans kept it on life support, the AP reports. That’s down from $3.3 million it spent in 2008’s fourth quarter, but still up from Q3, according...

Chrysler Gets New Aid, but End May Loom

Treasury pushes automaker toward Fiat deal or liquidation

(Newser) - The Obama administration has given a further $500 million to keep Chrysler afloat, but Washington signaled yesterday it increasingly believes Chrysler will not survive as an independent company. Treasury officials met yesterday with CEO Robert Nardelli, as well as the heads of the United Auto Workers and Italian automaker Fiat....

Okla. Private Equity Firm Bids for Saturn Brand

Potential suitor pledges to keep brand alive after it leaves GM

(Newser) - A private equity firm is making a bid to buy General Motors' Saturn brand, the Los Angeles Times reports. The Oklahoma company, Black Oak Partners—which says it has gone public in the hopes of stopping dealers from abandoning the brand—is the first known suitor for any of the...

Models—Human and Auto— Take Bailout Flak at Car Show

Models take the flak for GM, Chrysler missteps

(Newser) - Crowds hostile about the state of America’s auto industry have made presenting at auto shows a much trickier job than it used to be, the New York Times reports. The eye-candy models at scaled-back exhibits from General Motors and Chrysler are fielding questions during the ongoing New York event...

Feds May Trade Debt for Stake in 'New' GM

Insiders say government planning to trade some of $13.4B loan for equity

(Newser) - The Obama administration is considering trading some of GM’s $13.4 billion government debt for equity in the streamlined, post-restructuring version of the automaker, Bloomberg reports. Insiders say the move, which would be accompanied by an offer to bondholders of equity in the new entity, is part of a...

Banks Rally, But Dow Falls 26
 Banks Rally, But Dow Falls 26 
MARKETS
Apr 13, 2009 3:19 PM CDT

Banks Rally, But Dow Falls 26

(Newser) - More bankruptcy rumblings from General Motors sent stocks down early today, but the blow was cushioned by good news from the financial sector, the Wall Street Journal reports. Citi and Bank of America had double-digit gains ahead of what are expected to be solid earnings reports. The Dow finished down...

GM Aims for Fastest Possible Bankruptcy

Treasury directed GM to prep for Chapter 11 as options dwindle

(Newser) - General Motors is in high gear, the New York Times reports, prepping for a possible bankruptcy that would allow the company to reorganize and emerge from protection in as little as 2 weeks. Since the Treasury Department instructed the automaker to prepare for a bankruptcy filing by June 1, in...

Mileage Be Damned, SUV Remains American Darling

(Newser) - Despite predictions of its demise, the SUV is alive and well at the New York auto show this year, Dan Carney writes for MSNBC. Sure, more fuel-efficient models of classic 4x4s make up the majority of the cars on display, but reports that the gas guzzler is passé, emanating from...

Feds Put the Squeeze on Auto Creditors

Billions of dollars in concessions sought from banks, bondholders

(Newser) - The government is pushing hard to wring billions of dollars in concessions from the creditors of General Motors and Chrysler, the Wall Street Journal reports. Insiders say Treasury has pushed GM to offer bondholders only stock in return for debt after it judged as too generous a deal involving stock,...

GM in 'Intense' Planning for Bankruptcy

Firm could be split into 'old' and 'new' companies: insiders

(Newser) - General Motors is making “intense” and “earnest” preparations for the possibility of bankruptcy, a source tells Reuters today. The firm could be divided into a “new” and “old” GM, another insider said: The new company would be home to the firm’s healthiest units and take...

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