The United States has reached an agreement with the Motors Liquidation Co — the part of General Motors that split off during bankruptcy and holds the company’s unwanted assets — to establish a trust to clean up 89 sites (many of which contain hazardous materials) that were abandoned when the More…
Last year, the U.S. government bailed out auto giant GM at a cost of around $50 billion, gaining 61 percent of the company in the process and expecting around $20 billion in eventual losses. The government also bailed out its lending arm, GMAC, at an upfront cost of More…
The Obama administration on Tuesday outlined a new set of proposed rules for automobile fuel efficiency and emissions. The new rules follow an announcement in May that the administration had reached a deal with automakers and state governments to create a unified national standard.
“This action will give our More…
Seems that critics of the White House decision to bail out General Motors and Chrysler were right to question how well federal government would manage its enormous new investment. The New York Times reported today that the administration recently bought thousands of new vehicles, but a lion’s share of More…
Robert Reich, economist and former Clinton administration labor secretary, doesn’t think much of General Motors expected bankruptcy filing today, as the nation’s largest automaker prepares for a de facto government rescue and takeover. If the United States really wanted to help GM, Reich wrote in an op/ed for More…
The real risk to the future of General Motors (other than the unpopular vehicles) is that a bankruptcy and reorganization process would not be quick, in what’s called a 363 sale, but would go through a standard Chapter 11 reorganization, which could take several years. A long and drawn out More…
Specifically, Chapter 11. General Motors’ creditors have rejected the latest offer extended to them to facilitate an out-of-court restructuring — a swap of some $27 billion in GM debt for a 10 percent equity stake in the new, reorganized company. Creditors are complaining that union stakeholders were offered a More…
The Washington Post reports that the Detroit automaker is on its way to joining Chrysler in bankruptcy proceedings:
The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens
This can’t be helpful for General Motors’ efforts to build confidence among American consumers.
General Motors Corp is recalling nearly 1.5 million Buick, Chevrolet, Oldsmobile and Pontiac mid-sized cars due to a potential leak of engine oil that could cause an engine fire.
The recall applies to the 1997-2003 Buick
President Obama just announced that the General Services Administration will purchase 17,600 new fuel-efficient government vehicles by June 1, using funds from the stimulus package. All purchases will be made from Ford, General Motors and Chrysler in an attempt to revive the American auto industry.
Yet the environmental goals of More…
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