LTC8K6
Lifer
- Mar 10, 2004
- 28,520
- 1,576
- 126
One, the president will announce a new government-backed warranty program for all new GM and Chrysler vehicles purchased during this restructuring period. A fund will be set up equal to 125 percent of the total cost to pay for warranty service. The auto makers will contribute 15 percent while the government will provide 110 percent, with the money coming from the economic stabilization funds, the gift that keeps on giving. A separate company will hold the funds and pay the claims even if one of the auto manufacturers goes into bankruptcy or out of business.
The president will also name a Director of Recovery for Auto Workers and Communities. Edward Montgomery, labor economist and former Deputy Secretary of Labor, will serve in the role, helping autoworkers, communities, and regions adversely impacted by the failure of the automakers find new jobs, businesses, and industries.
http://blogs.abcnews.com/polit...3/president-ob-23.html
No mention of what company would do the repairs if GM or Chrysler disappear.
The president will also name a Director of Recovery for Auto Workers and Communities. Edward Montgomery, labor economist and former Deputy Secretary of Labor, will serve in the role, helping autoworkers, communities, and regions adversely impacted by the failure of the automakers find new jobs, businesses, and industries.
http://blogs.abcnews.com/polit...3/president-ob-23.html
No mention of what company would do the repairs if GM or Chrysler disappear.
Ktulu
Diamond Member
- Dec 16, 2000
- 4,354
- 0
- 0
I debated whether I should or not. The car forums were jizzing in their pants for this car, claiming that they would definately buy if/when GM brought it over here. Unfortunately that was just alot of noise and Saturn sold few. Too bad its definately a nice little hatchback.
LTC8K6
Lifer
- Mar 10, 2004
- 28,520
- 1,576
- 126
President Obama didn?t want any advice from Congress on the decision to ask GM CEO Rick Wagoner to resign, according to Carl Levin (D), Michigan?s senior senator.
?He didn?t ask us about it, he informed us,? Levin told reporters in a conference call Monday afternoon. ?The president said he?d already decided.?
?He didn?t ask us about it, he informed us,? Levin told reporters in a conference call Monday afternoon. ?The president said he?d already decided.?
LTC8K6
Lifer
- Mar 10, 2004
- 28,520
- 1,576
- 126
- Mar 20, 2000
- 102,402
- 8,574
- 126
the cobalt ss, vette, and solstice/sky are too low volume to make much of a dent in GM's bottom line.
of the other current products, one is barely even out, another is a big rwd v8 sedan released when everyone wants econoboxes, and the other 3 only got really competitive within the last couple of model years.
that's the problem. GM needed to be doing this stuff a decade ago or more. they didn't. there wasn't enough impetus, i'm sure.
GM has no idea how to market saturn.
they also have had no idea what to do with pontiac. the G3? really? do you not want people at your dealerships?
LTC8K6
Lifer
- Mar 10, 2004
- 28,520
- 1,576
- 126
Money down the drain looks like...
http://online.wsj.com/article/SB123841609048669495.html
WASHINGTON? The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
The move would in essence split both companies into their "good" and "bad" components. The government would like to see the "good" GM to be a standalone company, according to an administration official. The "good" Chrysler would be sold to Fiat SpA, assuming that deal is completed, this person said.
GM and Chrysler have had bankruptcy attorneys devising plans for such a
move in recent months.
President Barack Obama's task force has told both companies that the administration prefers this route as a way to reorganize the two auto makers, rather than the prolonged out-of-court process that has thus far frustrated administration officials.
GM looks increasingly like it will be forced into filing for bankruptcy protection, sometime in mid-to-late May, in a plan where the automaker breaks into two companies, the surviving entity a "new GM" that maintains key brands such as Chevy and Cadillac and some international units, say several people familiar with the situation.
Stakes in this new GM could be given to creditors and UAW members. It is also possible the new company could be sold whole or in parts to investors.
The auto makers could avoid bankruptcy in the next two months. And there is some brinksmanship still going on in GM's high-level talks with bondholders, union members and creditors.
A key ingredient is getting the UAW to agree to an entirely new labor contract, including major reductions in health-care benefits, according to several people involved in the matter. "That's the No.1 wildcard here," one of these people said Monday.
Under this plan, the "good" GM would not be expected to hold the tens of billions of dollars in retiree and health care obligations that hurt the auto maker in recent decades. Instead, those obligations would be transferred to an "old GM," made up of less-desirable brands like Hummer and Saturn, and underperforming plants and other assets. This part of GM would likely sit in bankruptcy much longer while a buyer is sought for the parts or it is wound down. Proceeds from the sale of old GM would go to pay claims to various creditors, including GM retirees.
"That is the plan, to the extent it comports with the bankruptcy laws," said one person familiar with the matter.
Some of the New GM-Old GM is laid out in the GM viability plan the company sent to the federal government last month. In it, GM estimates that it would shrink from 22% of the U.S. market to about 19%.
At Chrysler, bankruptcy would be used to force new labor contracts and rework debt deals with secured creditors. People working on Chrysler's behalf say the deal is risky, because the company is still not convinced that it could survive even a short-term bankruptcy. It could be done in order to meet the Obama administration's demand that Chrysler's creditors agree to huge reductions in their expected recoveries on Chrysler debt.
Also Monday, new GM Chief Executive Frederick "Fritz" Henderson told employees and dealers that the company will end up in bankruptcy court if it does not significantly accelerate its restructuring efforts in the next 60 days, according to a dealer who watched a broadcast of a meeting with Mr. Henderson.
Mr. Henderson said "we'll be in bankruptcy" if the company cannot meet the U.S. government's demands for faster progress on its turnaround plan, this dealer said.
...
http://online.wsj.com/article/SB123841609048669495.html
WASHINGTON? The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
The move would in essence split both companies into their "good" and "bad" components. The government would like to see the "good" GM to be a standalone company, according to an administration official. The "good" Chrysler would be sold to Fiat SpA, assuming that deal is completed, this person said.
GM and Chrysler have had bankruptcy attorneys devising plans for such a
move in recent months.
President Barack Obama's task force has told both companies that the administration prefers this route as a way to reorganize the two auto makers, rather than the prolonged out-of-court process that has thus far frustrated administration officials.
GM looks increasingly like it will be forced into filing for bankruptcy protection, sometime in mid-to-late May, in a plan where the automaker breaks into two companies, the surviving entity a "new GM" that maintains key brands such as Chevy and Cadillac and some international units, say several people familiar with the situation.
Stakes in this new GM could be given to creditors and UAW members. It is also possible the new company could be sold whole or in parts to investors.
The auto makers could avoid bankruptcy in the next two months. And there is some brinksmanship still going on in GM's high-level talks with bondholders, union members and creditors.
A key ingredient is getting the UAW to agree to an entirely new labor contract, including major reductions in health-care benefits, according to several people involved in the matter. "That's the No.1 wildcard here," one of these people said Monday.
Under this plan, the "good" GM would not be expected to hold the tens of billions of dollars in retiree and health care obligations that hurt the auto maker in recent decades. Instead, those obligations would be transferred to an "old GM," made up of less-desirable brands like Hummer and Saturn, and underperforming plants and other assets. This part of GM would likely sit in bankruptcy much longer while a buyer is sought for the parts or it is wound down. Proceeds from the sale of old GM would go to pay claims to various creditors, including GM retirees.
"That is the plan, to the extent it comports with the bankruptcy laws," said one person familiar with the matter.
Some of the New GM-Old GM is laid out in the GM viability plan the company sent to the federal government last month. In it, GM estimates that it would shrink from 22% of the U.S. market to about 19%.
At Chrysler, bankruptcy would be used to force new labor contracts and rework debt deals with secured creditors. People working on Chrysler's behalf say the deal is risky, because the company is still not convinced that it could survive even a short-term bankruptcy. It could be done in order to meet the Obama administration's demand that Chrysler's creditors agree to huge reductions in their expected recoveries on Chrysler debt.
Also Monday, new GM Chief Executive Frederick "Fritz" Henderson told employees and dealers that the company will end up in bankruptcy court if it does not significantly accelerate its restructuring efforts in the next 60 days, according to a dealer who watched a broadcast of a meeting with Mr. Henderson.
Mr. Henderson said "we'll be in bankruptcy" if the company cannot meet the U.S. government's demands for faster progress on its turnaround plan, this dealer said.
...
- Mar 20, 2000
- 102,402
- 8,574
- 126
they're completely uncompetitive in the small and midsize car market. they've built one good car in the last 10 years, and have so far put 4 faces on it.
so you can't think of anyone that drives a dodge truck or a jeep? jeep is probably the only thing that chrysler has going for it at this point (and even then only a couple of models). maybe the charger.
The only thing that people will miss from Chrysler is the minivan, it's pretty nice. Chrysler cars have some of the ugliest and cheapest interior. I have not seen anyone drives a Dodge Journey, Caliber, Nitro, or Avenger, they might as well have not existed. The Chrysler Sebring is forgettable, the PT Cruiser is mercifully being put out to pasture, the Aspen SUV is a rebadge of another failure, the Dogde Durango. The Chrysler 300 is good, but I don't see a huge demand for the Chrysler 300.
Wagnor worked at GM for 32 years. They are giving him no severance, but yes he is getting a retirement package. The size is to be determined, but it is to be paid out of the salaried employee and executive retirement plan.
Well, I have to give you credit for doing as you preach.
You have never tried logic with the left.
Originally posted by: CADsortaGUY
lol, yeah I guess me pointing out you liberals constantly diverting the subject is "off-topic semantics" to morons like you.
Again, what does any of this have to do with Bush? That's right- nothing. What does this have to do with BHO and his minion? EVERYTHING. They forced him out. There is no getting around that fact. Try keeping up.
There you are defending an idiotic point about 'Obama stepping down because the nation has deficit spending'. At least you're consistent.
I guess FDR should have stepped down because the country was bad off his first year, and Clinton should have stepped down since the country had deficits his first year.
But there's CAD to attack someone who pointed out PJ's inconsistent standards between Bush and Obama.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 22K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
News NVIDIA and Intel to Develop AI Infrastructure and Personal Computing Products- Started by poke01
- Replies: 403
-
Facebook
Twitter