23 result(s) displayed (1 - 23 of 23):
Stephen Girsky, a one-time Wall Street analyst who now runs his own consulting firm, was named Thursday to the board of a revitalized General Motors Corp. as a representative of the United Auto Workers.Girsky is a well-known power player inside the domestic auto industry. He was lured away from Morgan...
Posted on June 18, 2009 5:25 PM
General Motors Corp. (NYSE:GM) is already scrambling to meet a government-imposed deadline of June 1 to save itself. But the automaker could also soon be on the hook to rescue its former parts subsidiary Delphi Corp. if an influential senator has his way. Speaking at a Delphi plant outside of...
Posted on May 4, 2009 5:08 PM
President Obama pushed Chrysler LLC into bankruptcy court on Thursday, saying the move was forced by a "handful of speculators" -- in other words, the minority of the automaker's secured creditors who refused to go along with a government-designed deal that aims to leapfrog the unsecured claims of the United...
Posted on May 1, 2009 10:46 AM
General Motors Corp. (NYSE:GM) reportedly hopes to raise at least €500 million ($652 million) to help fund the restructuring of Adam Opel GmbH by selling a stake in the European carmaker. The automaker, which in the U.S. is scrambling to meet a June 1 deadline to extract concessions from stakeholders...
Posted on April 20, 2009 11:45 AM
General Motors Corp. (NYSE:GM) interim chairman Kent Kresa (pictured) warned a bankruptcy filing might be inevitable in a series of interviews Tuesday that marked his first media blitz since stepping into his new role at the behest of the Obama administration last month.Kresa, who was installed in late March after...
Posted on April 14, 2009 4:40 PM
The U.S. Treasury on Wednesday said a program announced last month to provide a lifeline for troubled auto suppliers has been formally launched, providing some cover to a group of companies that figure to be hard hit should General Motors Corp. (NYSE:GM) or Chrysler LLC file for bankruptcy protection.The Treasury...
Posted on April 8, 2009 12:30 PM
The German state of North Rhine-Westphalia has reportedly turned to the Middle East in search of capital to keep the European affiliate of General Motors Corp. (NYSE:GM) afloat. NRW State Premier Juergen Ruettgers has held initial discussions with a high-ranking member of Abu Dhabi's royal family about a potential investment,...
Posted on April 3, 2009 3:47 PM
Though the focus has been on General Motors Corp. (NYSE:GM) and Chrysler LLC's need to reduce their costs, the automakers also face a separate and equally vexing problem: bringing customers -- and in particular affluent customers -- into their showrooms. Though domestic quality has improved dramatically in recent years, the...
Posted on March 31, 2009 4:49 PM
A rare flurry of good news concerning General Motors Corp. (NYSE:GM) in recent days has led to a euphoric rally in shares of the automaker. But while the company's chances of facing an equity-destroying bankruptcy have been reduced, there is still ample reason to worry that GM shares could come...
Posted on March 27, 2009 12:22 PM
Steve Rattner did his best to talk tough about the need for the automakers to restructure. But the carefully chosen words of President Obama's car czar if anything only demonstrate what a difficult bind the government is in, and seem more likely to strengthen the resolve of bondholders who so...
Posted on March 17, 2009 1:27 PM
General Motors Corp.'s (NYSE: GM) European unit is reportedly closing in on winning upwards of €400 million ($500 million) in financial support from its dealer association.Euroda, an association of dealers affiliated with GM's Opel and Vauxhall brands, according to The Wall Street Journal online, has agreed in principle to acquire...
Posted on March 11, 2009 4:08 PM
Ford Motor Co. (NYSE:F) has made impressive strides restructuring its operations as crosstown rivals General Motors Corp. (NYSE:GM) and Chrysler LLC plead for government loans to stay in business. But its discussion Wednesday of the benefits of a cost-cutting deal with its United Auto Workers union might mark a key...
Posted on March 11, 2009 1:59 PM
German Chancellor Angela Merkel has indicated she is willing to consider a state aid package for General Motors Corp.'s (NYSE:GM) Adam Opel unit, but only if that business takes the restructuring steps necessary to secure its future.GM, which has received more than $13 billion from U.S. lawmakers to help it...
Posted on March 10, 2009 3:35 PM
Fiat Group SpA boss Sergio Marchionne got his day before the Obama Administration's auto task force on Thursday, arguing that a proposed partnership between his company and Chrysler LLC could revive Chrysler and leave it better-positioned to repay billions in government loans.Fiat has a tentative deal in place to collaborate...
Posted on March 5, 2009 4:54 PM
General Motors Corp. (NYSE:GM) outgoing vice chairman Bob Lutz has a novel solution to the problems faced by Swedish automakers Volvo Cars AB and Saab Automobile AB. He suggests the two companies should merge.GM has announced plans to divest its Saab subsidiary instead of continuing to support the money-losing brand,...
Posted on March 4, 2009 4:01 PM
As General Motors Corp. scrambles to line up government support for its primary European unit, new details are emerging about the cuts the automaker is considering to restructure its Adam Opel GmbH brand.GM Europe head Carl-Peter Forster told Germany's Bild Zeitung newspaper, according to wire reports, that Opel could cut...
Posted on March 4, 2009 1:35 PM
General Motors Corp. on Tuesday afternoon confirmed a rumored deal to buy former subsidiary Delphi Corp.'s steering business, a move that should bolster the restructuring efforts of both the automaker and its former subsidiary. GM in a statement said it would buy the Saginaw, Mich.-based steering business for an undisclosed...
Posted on March 3, 2009 4:38 PM
General Motors Corp. (NYSE:GM) is apparently keeping an open mind about how much equity it is willing to sell in German unit Adam Opel GmbH in order to raise cash. But company officials appear considerably less flexible when the topic turns to acquiring crosstown rival Chrysler LLC.Chief operating officer Fritz...
Posted on March 3, 2009 2:47 PM
The German arm of General Motors Corp. (NYSE:GM) moved closer to a bailout of its own on Friday, as Adam Opel GmbH struck a deal with its parent to restructure its operations and sell as much as 25% of itself to outside investors.The deal is part of Opel's effort to...
Posted on February 27, 2009 1:03 PM
Chrysler LLC execs met with President Obama's auto industry task force, presenting their case for $5 billion in new government loans directly to the group charged with sorting out the automaker's future.A group including chairman and CEO Bob Nardelli and vice chair Tom LaSorda met with the task force, according...
Posted on February 25, 2009 4:27 PM
General Motors Corp. (NYSE:GM) has apparently asked its Saturn Corp. dealers for more time as the struggling automaker plots what to do next with the brand it created in the mid-1980s.Automobile Magazine reported on its Web site that GM has asked Saturn dealers not to take any action for 60...
Posted on February 24, 2009 4:04 PM
One of the restructuring measures General Motors Corp. outlined in the viability plan it filed with the Feds on Tuesday is the phasing out or possible sale of its Saturn division. Expressing regret, GM chairman Rick Wagoner called it "a cruel twist of fate at a time when Saturn is...
Posted on February 19, 2009 11:35 AM
Credit crunches always affect supplier relationships. Will the smaller company that provides a vital component to a big manufacturing firm go bankrupt and disrupt the manufacturer's production? Will a distressed manufacturer squeeze its suppliers beyond their endurance?Not surprisingly, we're starting to see these and other supplier issues pop up regularly...
Posted on December 10, 2008 10:01 AM
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