General Motors

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GM Seeks Ways Around $1B Debt Payment

Automaker will swap for equity or seek court protection

(Newser) - General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when...

GM Spends $2.8M on Lobbying
 GM Spends $2.8M on Lobbying 
Apr 21, 2009 9:55 AM CDT

GM Spends $2.8M on Lobbying

(Newser) - General Motors spent $2.8 million on lobbying in this year’s first quarter, even as $13.4 billion in federal loans kept it on life support, the AP reports. That’s down from $3.3 million it spent in 2008’s fourth quarter, but still up from Q3, according...

Chrysler Gets New Aid, but End May Loom

Treasury pushes automaker toward Fiat deal or liquidation

(Newser) - The Obama administration has given a further $500 million to keep Chrysler afloat, but Washington signaled yesterday it increasingly believes Chrysler will not survive as an independent company. Treasury officials met yesterday with CEO Robert Nardelli, as well as the heads of the United Auto Workers and Italian automaker Fiat....

Okla. Private Equity Firm Bids for Saturn Brand

Potential suitor pledges to keep brand alive after it leaves GM

(Newser) - A private equity firm is making a bid to buy General Motors' Saturn brand, the Los Angeles Times reports. The Oklahoma company, Black Oak Partners—which says it has gone public in the hopes of stopping dealers from abandoning the brand—is the first known suitor for any of the...

Models—Human and Auto— Take Bailout Flak at Car Show

Models take the flak for GM, Chrysler missteps

(Newser) - Crowds hostile about the state of America’s auto industry have made presenting at auto shows a much trickier job than it used to be, the New York Times reports. The eye-candy models at scaled-back exhibits from General Motors and Chrysler are fielding questions during the ongoing New York event...

Feds May Trade Debt for Stake in 'New' GM

Insiders say government planning to trade some of $13.4B loan for equity

(Newser) - The Obama administration is considering trading some of GM’s $13.4 billion government debt for equity in the streamlined, post-restructuring version of the automaker, Bloomberg reports. Insiders say the move, which would be accompanied by an offer to bondholders of equity in the new entity, is part of a...

Banks Rally, But Dow Falls 26
 Banks Rally, But Dow Falls 26 
MARKETS
Apr 13, 2009 3:19 PM CDT

Banks Rally, But Dow Falls 26

(Newser) - More bankruptcy rumblings from General Motors sent stocks down early today, but the blow was cushioned by good news from the financial sector, the Wall Street Journal reports. Citi and Bank of America had double-digit gains ahead of what are expected to be solid earnings reports. The Dow finished down...

GM Aims for Fastest Possible Bankruptcy

Treasury directed GM to prep for Chapter 11 as options dwindle

(Newser) - General Motors is in high gear, the New York Times reports, prepping for a possible bankruptcy that would allow the company to reorganize and emerge from protection in as little as 2 weeks. Since the Treasury Department instructed the automaker to prepare for a bankruptcy filing by June 1, in...

Mileage Be Damned, SUV Remains American Darling

(Newser) - Despite predictions of its demise, the SUV is alive and well at the New York auto show this year, Dan Carney writes for MSNBC. Sure, more fuel-efficient models of classic 4x4s make up the majority of the cars on display, but reports that the gas guzzler is passé, emanating from...

Feds Put the Squeeze on Auto Creditors

Billions of dollars in concessions sought from banks, bondholders

(Newser) - The government is pushing hard to wring billions of dollars in concessions from the creditors of General Motors and Chrysler, the Wall Street Journal reports. Insiders say Treasury has pushed GM to offer bondholders only stock in return for debt after it judged as too generous a deal involving stock,...

GM in 'Intense' Planning for Bankruptcy

Firm could be split into 'old' and 'new' companies: insiders

(Newser) - General Motors is making “intense” and “earnest” preparations for the possibility of bankruptcy, a source tells Reuters today. The firm could be divided into a “new” and “old” GM, another insider said: The new company would be home to the firm’s healthiest units and take...

GM Partners on Enclosed, 1-Seater Segway

GM hopes urban innovations will stave off trouble

(Newser) - In a bid to innovate its way to a viable future, GM is working with Segway to make a two-wheeled urban single-passenger vehicle, reports the Wall Street Journal. Set to debut in 2012, the PUMA would run on batteries, go up to 35 miles per hour, and in many ways...

Media World Braced for Loss Of GM, Chrysler Ad Buys

A collapse in Detroit could cost media players billions

(Newser) - As the situation in Detroit becomes increasingly perilous, media companies are anxiously waiting to see what happens to the vast marketing dollars—$3 billion in the US last year—General Motors and Chrysler previously poured into advertising. But while vastly decreased spending seems like a foregone conclusion, most media companies...

Geithner, Henderson Open to GM Bankruptcy
 Geithner, Henderson 
 Open to GM Bankruptcy 
TALK SHOW ROUNDUP
Apr 5, 2009 10:58 AM CDT

Geithner, Henderson Open to GM Bankruptcy

Treasury sec adamant that GM won't fade away

(Newser) - Bankruptcy remains an option for GM as a last resort, both new chief Fritz Henderson and Treasury Secretary Timothy Geithner said today. “You can’t rule options off the table,” Henderson told CNN’s State of the Union. Whatever happens, Geithner stressed on CBS’ Face the Nation that...

'Car Bubble' Blows Up on Automakers
'Car Bubble' Blows Up on Automakers
Apr 3, 2009 10:01 AM CDT

'Car Bubble' Blows Up on Automakers

Sales were artificially high in boom years; rebound unlikely

(Newser) - The housing boom brought a car bubble along for the ride, and now that one has burst, so has the other, reports the Washington Post. Thousands of cars are sitting on lots and likely to stay there. “You had a huge number of cars being sold," says Steven...

More Big Auto Sales Drops: GM Off 45%, Ford 41%

(Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’...

New GM Boss: Bankruptcy 'More Probable'

Announces program to help unemployed car owners

(Newser) - In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do...

Ford to Make Car Payments for Buyers Who Lose Jobs

Firm will cover up to $700/month for a year

(Newser) - With auto sales battered by the recession and tight credit, Ford is offering a payment protection plan to reassure consumers delaying buying new cars because of job-loss fears, the AP reports. The automaker will cover payments of up to $700 each month for up to a year on any new...

Obama Fully Invested as CEO-in-Chief
 Obama Fully Invested 
 as CEO-in-Chief 
ANALYSIS
Mar 31, 2009 9:16 AM CDT

Obama Fully Invested as CEO-in-Chief

In Detroit and on Wall St., president decides to run things his way

(Newser) - Though he entered office with relatively little business experience, the past week has seen President Obama assume the role as “the most powerful player in American business today,” Mike Allen and Jim VandeHei write for Politico. “He’s realizing, ‘Hey, the economy’s mine now, and...

Was Obama Tough Enough?
 Was Obama Tough Enough? 
Editorial Roundup
Mar 31, 2009 8:57 AM CDT

Was Obama Tough Enough?

(Newser) - Barack Obama gave GM and Chrysler some tough love yesterday. Too tough, or too much love? Here’s what the papers are saying:
  • Obama “delivered a believable, sharp, and necessary ultimatum,” says the Washington Post. He rightly demanded union concessions, and put bankruptcy back on the table.
  • But
...

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