General Motors

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Saving Detroit: It's Now or Never
 Saving Detroit: 
 It's Now or Never 
OPINION
Dec 3, 2008 7:00 AM CST

Saving Detroit: It's Now or Never

Auto industry in danger of going under while lawmakers haggle over lifeline

(Newser) - If Congress is going to save America's auto industry it needs to quit the grandstanding and finger-pointing and take action right now, Tom Walsh writes in the Detroit Free Press. The Big Three have submitted their survival plans as requested, Walsh writes, and the figures show they aren't bluffing—they...

Automakers Raise Request to $34B

(Newser) - Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up...

GM Seeks $18B in Aid, Needs $4B Immediately

(Newser) - General Motors says it needs an immediate $4 billion loan from the government to get through the month, the Detroit Free Press reports. “Absent support, we can’t continue to operate,” the carmaker’s COO told Congress. GM is requesting a total of $18 billion in federal aid—...

Dow Rises 270 on Late Rally
 Dow Rises 270 on Late Rally 
MARKETS
Dec 2, 2008 3:24 PM CST

Dow Rises 270 on Late Rally

(Newser) - Stocks rallied late in the session today, buoyed by rounds of bargain hunting following yesterday’s deep sell-off, the Wall Street Journal reports. GE rose 14%, despite lowering its forecast, on news that it will still pay a $1.24-per-share dividend next year. The Dow rose 270 points to close...

GM Sales Off 41%; Toyota, Ford, Honda All Down 30%

Bad times for autos of every stripe

(Newser) - General Motors' November US sales plunged 41%, while Ford's dropped 31%, dashing hopes that the industry-wide drop in vehicle demand might be easing as Detroit's automakers prepare to state their second case for a federal bailout. Their overseas rivals posted abysmal results as well. Toyota's November sales tumbled 34%, and...

Big 3 CEOs Head Back to DC—This Time by Car

CEOs of America's automakers will renew plea for bailout today

(Newser) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend...

No Euphemisms: Let's Nationalize GM
 No Euphemisms: 
 Let's Nationalize GM 
OPINION
Dec 2, 2008 8:18 AM CST

No Euphemisms: Let's Nationalize GM

Move would boost economy, environment

(Newser) - As Detroit extends its tin cup to DC, the government is making a lengthy list of preconditions and checking it twice. Why not keep things simple and nationalize the struggling GM? Any government loan wouldn’t be big enough, and despite all the misplaced anger directed at the Big Three,...

Once United, Big 3 Take Different Roads to Bailout

Automaker bring different bailout concerns in appeal for federal aid

(Newser) - When the automakers return to Congress this week to beg for a federal bailout, they’ll no longer be presenting one case among them. Each company will unveil its own rejuvenation plan, reports the New York Times. Ford, in best financial shape, wants only the promise of access to federal...

Scrambling, GM Offers Equity for Debt

Wagoner needs strategy to win federal aid by Tuesday

(Newser) - GM officials are pushing bondholders to swap out the debt they hold for equity in the troubled corporation, reports the Wall Street Journal. The unique strategy represents a last-ditch attempt to stave off creditors and obtain federal aid to survive. A debt swap could leave unsecured debtholders with major losses....

Dow Ends Down Month Up 102
 Dow Ends Down Month Up 102 
MARKETS
Nov 28, 2008 12:42 PM CST

Dow Ends Down Month Up 102

(Newser) - Stocks gained today despite retailers' dour holiday prospects, because the market has already priced in much of the bad news, MarketWatch reports. Amid very light trading, the Dow gained 102.43 points to close at 8,829.04, extending its positive streak into a fifth day. "There's a bit...

GM Doesn't Want You Tracking Its Private Jet

Automaker asks feds to block public tracking of plane leased for execs

(Newser) - General Motors doesn’t want the public tracking a private jet used by its executives, Bloomberg reports, asking the Federal Aviation Administration to block it from its public service. “We availed ourselves of the option as others do to have the aircraft removed,” said a GM spokesman, though...

GM Considers Axing Brands to Win Aid

Pontiac, Saab, Saturn could go on chopping block

(Newser) - General Motors is considering eliminating some of its brands in an effort to win federal aid, sources tell the Detroit Free Press. The automaker, sent back to Detroit by Congress and told to come back with a better business plan, is said to be considering all options, including ditching its...

Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

(Newser) - A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler...

GM Ends Woods Endorsement Deal

Golfer has been Buick pitchman for 9 years

(Newser) - General Motors is ending Tiger Woods' endorsement deal in an attempt to cut costs, the Detroit News reports today. Woods has been the celebrity face of GM’s Buick brand for 9 years, but his contract will expire Dec. 31. The golfer, whose wife is expecting their second child, says...

GM Needs a Hand From Unions, Lenders

Automaker scrambles to retrench ahead of Congress' deadline

(Newser) - General Motors is revving up its efforts to prove to Congress it can survive if it receives a multibillion-dollar federal loan, reports Bloomberg. The automaker is asking unions to ease work rules, attempting to reduce its debt load, and considering cutting brands from its lineup as it tries to stretch...

Detroit Should Look at the History of Steel
Detroit Should Look at the History of Steel
Analysis
Nov 23, 2008 2:09 PM CST

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New ...

GM Board Would Consider Bankruptcy
GM Board
Would Consider Bankruptcy
Nov 22, 2008 8:11 AM CST

GM Board Would Consider Bankruptcy

Directors differ with CEO Wagoner as automaker struggles

(Newser) - Some General Motors’ directors are willing to consider bankruptcy protection as an option for the failing automaker, the Wall Street Journal reports, marking an unusual disagreement with CEO Rick Wagoner. Wagoner told Congress repeatedly this week, in seeking an immediate financial bailout, that reorganizing through a Ch. 11 bankruptcy is...

GM Shrinks Fleet of Corporate Jets
GM Shrinks
Fleet of Corporate Jets
Nov 21, 2008 1:38 PM CST

GM Shrinks Fleet of Corporate Jets

Automaker, pilloried on Capitol Hill, is retiring two of five planes

(Newser) - After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets,...

Obama Team Weighs Streamlined Auto Bankruptcy

A 'prepackaged' plan likely would include government financing, take less time

(Newser) - Barack Obama’s transition team is looking at a streamlined, “prepackaged” bankruptcy for the Big Three automakers, Bloomberg reports. In a “prepack,” the companies already would have financing lined up when they go to court, and would have to reach agreements with banks, workers, and suppliers. The...

Bailout Wait 'Nerve-Wracking'
 Bailout Wait 'Nerve-Wracking' 
Nov 21, 2008 1:50 AM CST

Bailout Wait 'Nerve-Wracking'

Hearings 'more hostile than expected,' says Wagoner

(Newser) - Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to...

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