gm

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 auto companies some long-overdue clarity, stability and [...]

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 the money went to the only [...]

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 the Financial Times, it would try a [...]

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 reorganization would probably have an [...]

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 much better deal than they were [...]

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 of billions of dollars more in public financing as the [...]

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 Regal; 1998-2003 Chevrolet Lumina, Monte Carlo and [...]

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 the program are quite modest. Although [...]

Automotive News reports that if GM is forced to declare bankruptcy, the federal government could be forced to take on the burden of paying for the pensions of tens of thousands of retired autoworkers:
A General Motors bankruptcy could become a nightmare for the federal government’s Pension Benefit Guaranty Corp.
That’s because the automaker could dump as [...]

Rick Wagoner may be leaving his position as CEO of General Motors but he’s not going away empty handed. Though he cannot receive a severance package under the terms of the auto industry bailout, he is due to receive some $20 million in retirement benefits after 32 years with with the company.
And this is on [...]