Apr 23rd, 2009 - MSNBC
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DETROIT - General Motors’ decision to shut down 13 assembly plants for up to 11 weeks this summer will disrupt far more than the lives of nearly 24,000 workers, rippling out to damage part suppliers, local businesses and state economies.
The Detroit automaker had little choice. GM, surviving on $13.4 billion in federal loans, must steady itself, slash costs and align production levels with the shrunken demand if it wants to live much longer. The announcement Thursday comes as GM races the government’s June 1 deadline to squeeze deeper concessions from bondholders and the United Auto Workers union.
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Ford Stock: Going Up on a Loss
Apr 24th, 2009 - BusinessWeek
Ford Motor (F) said on Apr. 24 that it firmly believes it has enough cash to get through this year without any government loans. It posted a smaller-than-expected first-quarter loss of $1.4 billion...
GM says unlikely to make June 1 bond payment
Apr 22nd, 2009 - Reuters
Email |Print | Reprints [-] Text [+] DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research) is unlikely to make a $1 billion debt payment due June 1...
Treasury Pressures Chrysler, Fiat
Apr 20th, 2009 - Wall Street Journal
The Treasury Department kicked off meetings Monday with the heads of Chrysler LLC, Fiat SpA and the United Auto Workers union in Washington as signs increased that Chrysler could be headed for liquidation.
GM plans public bond-exchange offer
Apr 16th, 2009 - Los Angeles Times
DETROIT -- General Motors Corp. is preparing to launch a public bond-exchange offer soon so the company can start slashing its debt, even without an agreement from a committee representing large institutional bondholders.
GM union retirees frustrated at bondholders
Apr 16th, 2009 - Reuters
WARREN, Michigan (Reuters) - When hundreds of retired auto workers packed the union hall in this working class suburb earlier this week, there were more questions than answers about the fate of General Motors Corp.
Related videos from YouTube:
0:34Workers May Trump Bondholders In GM Overhaul - Bloomberg
If GM goes bankrupt expect union workers to get the upper hand over bondholders. (Bloomberg News)
3:37Ron Paul: GM, Amtrak and an Increasingly Fascist America 6/8/09
www.house.gov CampaignForLiberty.com In his June 8, 2009 Texas Straight Talk, Congressman Ron Paul talks about the GM ("Government Motors) fiasco. "Political pressure, rather than the rule of law, is deciding how to divide up the remains of GM ...
1:44GM: Bankruptcy "more probable"
No surprise here, unless of course you faithfully followed the advise of your stock broker purchasing stocks of GM on the diluted - naive and at times fanatical perception that there would be some miraculous economic recovery later this year ...
14:52President Obama: The Beginning of a New GM
A mainstay of the American economy begins anew as President Obama carefully crafts a solution balancing the interests of all the stakeholders in the American auto industry, the American taxpayer, and the economy at large. June 1, 2009. (Public Domain)
