by Paul A. Eisenstein | Jun 4, 2009
This time of year, it’s pretty hot and humid in Washington, D.C., but things were downright chilly, on Capitol Hill, if nonetheless sticky, when senior General Motors and Chrysler officials were put in the spotlight during a hearing on the planned cut, by the...
by Paul A. Eisenstein | Jun 4, 2009
General Motors officials beat a hasty retreat on comments made by Chief Financial Officer Ray Young the day after the automaker filed for bankruptcy, early this week, saying they intend to be “transparent” when it comes to the corporation’s financial...
by Joseph Szczesny | Jun 3, 2009
The proposed fast-track sale of the productive assets of General Motors Corporation to the “New GM” as part of bankruptcy proceedings calls for the UAW to get notes and GM stock in lieu of $20 billion in cash owed to a heath care trust for retirees....
by Ken Zino | Jun 3, 2009
At the same time Chrysler LLC was supposed to be proceeding with its sale to Fiat SpA on June 5th as approved by the U.S. Bankruptcy Court in New York, objecting creditors will be arguing their case yet again in the U.S. Court of Appeals for the Second Circuit in New...
by Ken Zino | Jun 3, 2009
Volvo has become the latest European manufacturer to join the hybrid parade, with a joint- venture program with the Swedish power company Vattenfall. Production of Volvo “plug-in” hybrids are coming in 2012. This is well behind the auto industry’s...
by Paul A. Eisenstein | Jun 3, 2009
Federal bankruptcy Judge Arthur Gonzales is expected to issue a ruling from his New York courtroom, today, on Chrysler’s plan to terminate 789 of its dealers, the same day that Washington lawmakers will take up the debate over those cuts and General...
by Paul A. Eisenstein | Jun 2, 2009
Life — and business — can take some strange turns. Jim Taylor is a great example. He was trained as an engineer, yet somehow wound up taking over General Motors’ flagship Cadillac division and, as general manager, leading it through its...
by Joseph Szczesny | Jun 2, 2009
For the automakers, May finally offered some hope. The seasonally adjusted annual rate of sales (SAAR) finally broke through 10 million units for the first time this year, based on preliminary estimates, and even though sales dropped 28% during May, traffic through...
by Ken Zino | Jun 2, 2009
President Obama asked Congress yesterday to pass fleet modernization legislation that provides credit to consumers who turn in old cars and purchase cleaner, more fuel-efficient cars during his GM bankruptcy speech. It wasn’t the first such request, as readers...
by Paul A. Eisenstein | Jun 2, 2009
With a buyer apparently chosen for its Hummer division, General Motors is now turning to Saturn, the once-vaunted brand that it also hopes to sell off as part of its effort to slim down through bankruptcy. According to GM Chief Financial Officer Ray Young, there are...
by Mike Levine | Jun 2, 2009
General Motors has officially reached an agreement to sell its Hummer off-road brand to a yet-to-be named buyer. The term sheet signing was announced by GM in a press release early Tuesday. The move is expected to be a boon to workers at a GM plant in Shreveport,...
by Paul A. Eisenstein | Jun 1, 2009
“There are no second chances,” stressed General Motors CEO Fritz Henderson, as he wrapped up a media briefing called to detail the bankruptcy of the 101-year-old automaker. The automaker today filed for bankruptcy protection, a process that is expected to...
