New Era in Autos as GM Set for Bankruptcy
Jun 1, 2009
Washington DC June 1, 2009; The AIADA newsletter reported that as GM prepared to file for bankruptcy, the question facing 56,000 auto workers, 3,600 GM dealers, and the Obama administration is: Will it work? According to the Wall Street Journal, the government, which will own a majority of the company, is wagering upwa ... Continue reading
General Motors' Board of Directors Statement
Jun 1, 2009
Attributable to Kent Kresa, Chairman DETROIT - June 1, 2009: âThe General Motors Board of Directors authorized the filing of a chapter 11 case with regret that this path proved necessary despite the best efforts of so many. Today marks a new beginning for General Motors. A court-supervised process and transfer of ... Continue reading
GM Pulls Ahead U.S. Plant Closures; Reaffirms Intent to Build Future Small Car in U.S.
Jun 1, 2009
14 U.S. Manufacturing Plants & Three Service and Parts Operations Warehouses Impacted DETROIT, Mich. -- General Motors Corp. today announced details of its accelerated manufacturing plan to improve capacity utilization and flexibility for the New GM. GM also reaffirmed it will build a small car at one of its U.S. assem ... Continue reading
GMAC Financial Services Statement on General Motors Chapter 11 Filing
Jun 1, 2009
DETROIT, June 1 -- GMAC Financial Services is a creditor of General Motors Corp. (GM) and as such is taking the appropriate steps to protect GMAC's interests during GM's restructuring. GM has submitted a motion to the U.S. Bankruptcy Court that, pending approval, would allow its direct business with GMAC to continue in ... Continue reading
President Obama to Hold Media Briefing Prior to General Motors' BK Press Conference
May 31, 2009
WASHINGTON - May 31, 2009: According to a White House media advisory, President Obama will begin his remarks at approximately 11:55 a.m. EDT. General Motors Corp. President and CEO, Fritz Henderson, will host a press conference, beginning immediately following President Obama's media briefing. ... Continue reading
AP Reports That Monday is Definitely "B-Day" for General Motors
May 31, 2009
DETROIT - May 31, 2009: The Associated Press is reporting tonight that tomorrow morning, at 8AM EDT, the company that was once the world's largest, will file for bankruptcy protection. According to the story, GM plans to name turnaround executive Al Koch to serve as its chief restructuring officer through the protectio ... Continue reading
Newly Ratified GM-UAW 2007 National Labor Agreement Modifications Eliminate Competitive Gap for GM
May 29, 2009
DETROIT - May 29, 2009: General Motors today confirmed that its UAW-represented employees have ratified the modifications to the GM-UAW 2007 National Labor Agreement. The amended agreement covers approximately 54,000 hourly employees located in 46 U.S. facilities. "The leadership demonstrated by UAW president Ron Gette ... Continue reading
Kelley Blue Book's Kbb.Com Names Their Top 10 Road Trip Cars of 2009
May 21, 2009
Kbb.com Editors Offer Their Top New Car Choices for Road Trips in a Variety of Categories IRVINE, Calif., May 21 -- The Top 10 Road Trip Cars of 2009, www.kbb.com/roadtripcars2009, were named today by the expert editors from Kelley Blue Book, www.kbb.com, the leading provider of new car and used car information. Memori ... Continue reading
General Motors, Chrysler: Cutting Their Way to Greatness
May 18, 2009
Joel West SeekingAlpha May 17, 2009; The Big Three auto companies certainly arenât selling as many cars as they used to. As such, they need to reduce their fixed costs to more closely match their current revenues. Towards this end, the two sickest âU.S.â automakers are shedding dealers. Thursday, Chrysle ... Continue reading
OnStar Enhances Location Information With Electronic Transmission Directly to 911
May 14, 2009
OnStar to electronically transmit precise longitude and latitude vehicle location data directly to 911 centers to increase the speed and accuracy of emergency response to its subscribers. Currently this information is relayed verbally by OnStar advisors to the Public Safety Answering Point (PSAP). OnStar, the industry ... Continue reading
OnStar Enhances Emergency Response with Microsoft Virtual Earth
May 14, 2009
Latest 3D technology brings emergency locations to life DETROIT May 13, 2009; OnStar builds on its reputation for trailblazing emergency services by tapping technology from Microsoft Corp. to provide OnStar advisors with critical 3D details to more accurately guide first responders to hard-to-find or rural locations. A ... Continue reading
GM and Chrysler To Cut 3000 U.S. Dealers
May 13, 2009
DETROIT May 13, 2009; Soyoung Kim and John Crawley writing for Reuters reportesd that General Motors Corp and Chrysler aim to drop as many as 3,000 U.S. dealers and are expected to begin sending notifications as early as Thursday, three people briefed on the still developing plans said. GM, facing a U.S. government-imp ... Continue reading
Fiat Looking to Pickup GM Europe Units to Create New Super-Fiat Company
May 3, 2009
ROME - May 3, 2009: AP is reporting that Fiat is in talks with General Motors Europe to acquire most, if not all of GM's European brands. According to the AP story, "Fiat said in a statement Sunday it's evaluating the possible spinoff of its auto business to form the core of the new company." The current Fiat Automobil ... Continue reading
GM's Updated Viability Plan Speeds, Deepens Restructuring of U.S. Operations
Apr 27, 2009
DETROIT -- General Motors today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker. The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock ... Continue reading
GM Launches Exchange Offers and Consent Solicitations for Outstanding Notes
Apr 27, 2009
Common stock plus accrued interest in cash offered for $27 billion of outstanding public debt Successful exchange to result in at least $44 billion reduction in total liabilities from bondholders, U.S. Treasury and VEBA Bondholders to own 10 percent of GM after successful exchange offer Exchange contingent on VEBA modi ... Continue reading
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