Auto Task Force


GM begins repayment to U.S. and Canadian governments

Good news, the check is in the mail! General Motors issued a (very) brief press release this afternoon stating that the automaker had delivered on its promise to issue its first reimbursement checks to the U.S. and Canadian governments by the end of the year. GM sent $1 billion to the feds and $192 million to the Canadian government, and GM reiterated in the statement that it would complete payments totaling $6.7 billion (to the U.S. government) by June 2010. Beyond the $6.7 billion GM owes the federal government is a 60 percent ... Read more →

REPORT: Fed predicts it will lose $30B on auto industry bailout Chris Shunk

2009 isn't quite over yet, but we're pretty sure most automakers would rather forget that it ever happened. And while General Motors and Chrysler suffered the pain and humiliation of bankruptcy ...

Government reportedly encouraged by Fiat's plan for Chrysler, sees "huge sense of urgency" Chris Shunk

Two weeks ago Fiat and Chrysler unleashed an ambitious five-year plan to return Detroit's number three automaker to financial and product health. The plan called for 14 all-new models based mostly ...

REPORT: GM's CFO Ray Young likely to resign Chris Shunk

The last two chief financial officers at General Motors, Rick Wagoner and Fritz Henderson, eventually became CEO. Ray Young, who has been CFO at the General for less than a year and a half, likely ...

REPORT: Government ends warranty programs for GM, Chrysler Chris Shunk

On March 30, President Obama announced that the federal government would back the warranties of General Motors and Chrysler in the event of bankruptcy. When the president says the word "backing," he ...

BREAKING: Rattner reportedly quitting post as head of Auto Task Force 5 months ago on Autoblog

Steve Rattner, the former Wall Street executive who was tapped by the Obama Administration run point for the Auto Task Force, is reportedly stepping down after five months on the job. According to a statement from Treasury Secretary Timothy Geithner, Rattner (above, far right) will now "transition ...

REPORT: Federal bankruptcy court expected to rule on "New GM" 5 months ago on Autoblog

According to Reuters, General Motors is on its way into bankruptcy court today in an effort to win approval and access to additional federal funding under its asset-split plan. The automaker filed for Chapter 11 protection just 30 days ago, but it will now go before Judge Robert Gerber to sell ...

Auto Task Force says no more money for auto bailouts... probably 6 months ago on Autoblog

To date, the U.S. government has reportedly given General Motors, Chrysler, their financial institutions and various industry suppliers about $80 billion in taxpayer money, and Congress wants to know when we're going to get that money back. The Senate Banking, Housing and Urban Affairs Committee ...

Unlikely Ally: Ralph Nader addresses Capitol Hill over likely GM bankruptcy 7 months ago on Autoblog

Ralph Nader, the man who single-handedly sank the Chevrolet Corvair by exposing its safety faults in his book Unsafe At Any Speed, has unexpectedly appeared at the side of General Motors. In a letter written to Senator Chris Dodd, Chair of the U.S. Senate Committee on Banking, Housing and Urban ...

GM reportedly accelerating the closure of 1,700 dealers 8 months ago on Autoblog

June 1, 2009 is turning into the equivalent of General Motors' D-Day, and every day seems to bring new events that are being planned in advance of it. GM had more than 6,000 dealerships at the end of last year, and in the initial viability plan it offered to the government, the automaker pledged to ...

GM chairman Kresa admits: "Time is not on our side on trying to get things done out of bankruptcy" 8 months ago on Autoblog

If General Motors' saga were a play by Aeschylus, today marks the day when Kent Kresa, GM's interim chairman, returns from a visit to the Oracle at Delphi and informs everyone that the signs are not auspicious. There's been much talk of the bondholder issues that GM faces, and the news today is ...

GM chairman looking to turn over half of board of trustees by June? 8 months ago on Autoblog

According to the Detroit Free Press, General Motors interim chairman, Kent Kresa, has been asked by president Obama's administration to replenish the automaker's board with fresh blood. Kresa said that while the board did achieve "historic things" recently, like renegotiating the UAW pay scale, he ...

GM's new offer for bondholders may contain no cash, just equity 8 months ago on Autoblog

GM's most recent offer to its bondholders offered a little bit of cash and a little bit of equity. GM CEO Fritz Henderson's example was that a holder of $1,000 in bonds would end up with $333 and a some equity. After conferring with the Auto Task Force, however, that offer was deemed excessive in ...

Rumormill: Obama will set a deadline for GM and Chrysler to address issues or enter Chapter 11 9 months ago on Autoblog

GM and Chrysler have until Tuesday to complete the financial restructuring demanded by the government under the terms of the bridge loans. It is unlikely that they will make that target. The sticking point for GM is unwillingness on the part of bondholders to agree to what's being asked: GM needs ...

Low wages, little glory: Government's Auto Task Force is hiring, looking for Wall Street experience 9 months ago on Autoblog

Curious what it takes to be a member of the recently-created Auto Task Force? Thanks to an email sent out by Harry J. Wilson, a newly-hired Task Force worker, there's no need to wonder. Some knowledge of the auto industry would reportedly be helpful, though prospective applicants and their family ...






Autoblog Podcast #158: 'Twas a couple nights before Christmas...

Chris, Editor Paukert, and Dan send the Podcast off for the Christmas holiday in proper fashion

 
 

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