Chapter11


REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM

Due to what appears to be a slight (additional) bending of the rules, the "new," post-bankruptcy General Motors has been allowed to carry the $16 billion net operating loss that was created by the "old" GM. That means that New GM will not have to pay taxes on its profits for a while, because the profits can be written off by the losses. The issue is that the move, called a "tax-loss carry forward," isn't supposed to be available to the automaker. The tax code contains provisions that prohibit a profitable company from buying an unprofitable ... Read more →

BREAKING: New GM drives out of bankruptcy this morning [*UPDATED] Chris Shunk

After a scant six weeks in bankruptcy court, General Motors is on its way out of Chapter 11. U.S. Bankruptcy Court Judge Robert Gerber approved the sale of GM's good assets to a new company lead by ...

REPORT: Federal bankruptcy court expected to rule on "New GM" Chris Paukert

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 ...

Bankruptcy filing reportedly allows GM, Chrysler to shed hundreds of product liability lawsuits Chris Shunk

Outside of bankruptcy, General Motors and Chrysler were no longer competitive enough to remain solvent. After Chapter 11 reorganization, the two automakers will have a clean financial statement and a ...

Putting It In Perspective: Largest bankruptcies in U.S. history displayed graphically Chris Paukert

The benevolent-minded folks over at Good Magazine have commissioned infographic specialists Always With Honor to give us a little perspective on America's recent rash of bankruptcies. Using the ...

REPORT: GM to declare bankruptcy before markets open, chief restructuring officer named 5 months ago on Autoblog

General Motors' bankruptcy endgame appears to be at hand, with word coming out that the automaker will indeed file for Chapter 11 protection early on Monday morning, which in turn is expected to trigger $30.1 billion in U.S. government loans. That funding will arrive on the heels of the $19.4 ...

REPORT: Koenigsegg a finalist in bid to buy Saab 5 months ago on Autoblog

In a brief article on its website, the UK's Channel4 says that a Swedish newspaper, Dagens Industri, is reporting that supercar maker Koenigsegg is in the running to purchase either a stake in Saab, or the whole kit and caboodle. According to the report, Koenigsegg is reportedly a front-runner to ...

Bloomberg says GM to file for Chapter 11 bankruptcy on Monday 5 months ago on Autoblog

Despite today's word of coming to terms with its major shareholders on a debt-for-equity swap, Bloomberg is reporting that General Motors will join Chrysler in filing for Chapter 11 bankruptcy on Monday. The move is widely expected, but the news agency is adding a bit of flesh to the story, ...

BREAKING: Visteon reportedly files for Chapter 11 bankruptcy 5 months ago on Autoblog

According to Automotive News, Visteon Corp. has filed for Chapter 11 bankruptcy protection. The Michigan-based tier-1 supplier was spun off from the Ford Motor Company back in 2000, and it has struggled ever since. The filing took place in a Delaware courtroom, where the company has listed total ...

Speculation: Chrysler to cut loose 800 dealers on Thursday 6 months ago on Autoblog

Chrysler has a lot of work to do in bankruptcy court to be eligible to receive another $6 billion in loans from the U.S. government. Among the many tasks requiring completion is the reduction of its dealer body. Chrysler hasn't set a timetable or announced how many dealers will be cut, but one ...

REPORT: Obama administration slashes Chrysler ad budget by 50% 6 months ago on Autoblog

Chrysler is nearly two weeks into its bankruptcy, and the Auburn Hills, Michigan-based automaker is already getting an idea of just how engaged the Obama administration plans to be in the process. Chrysler planned to spend $134 million dollars on advertising during its supposed nine weeks of ...

Experts call GM bankruptcy 'almost inevitable' [w/POLL] 6 months ago on Autoblog

To stave off bankruptcy, General Motors must rework its union contracts, drastically cut its capacity, workforce and dealer networks – and convince creditors to take 10 cents on the dollar on $27 billion in unsecured debt. In two months. That's a herculean task for any company, much less for ...

Ford reacts to Chrysler bankruptcy 6 months ago on Autoblog

Although the automotive industry has been bracing for a Chrysler bankruptcy for some time, last week's official announcement of a Chapter 11 filing still came as a shock. One of the long-held assertions about bankruptcy was that once one domestic automaker filed, the others would eventually be ...

AP: Chrysler definitely filing for bankruptcy after debt talks "crumbled overnight" 6 months ago on Autoblog

Building on speculation that first leaked yesterday is word this morning that a pair of Obama administration officials have told The Associated Press that Chrysler will indeed file for bankruptcy. The decision was apparently reached after debtor negotiations with hedge funds "crumbled overnight." ...

Fiat CEO Marchionne: "If I was a betting man, I would suggest Chrysler is going to fall into Chapter 11" 6 months ago on Autoblog

After yesterday's Chrysler news regarding the first-lien holders and the U.S. Treasury coming to terms, we hope none of you thought the Pentastar had gotten off the see-saw. The latest tidbit comes from Fiat CEO Sergio Marchionne, but it comes via CAW head Ken Lewenza. According to Lewenza, ...

GM, Task Force preparing for "surgical" bankruptcy 7 months ago on Autoblog

According to a lengthy report by the New York Times, the Treasury Department is directing General Motors to begin work on a bankruptcy filing by June 1. Based on sources close to the talks who were unable to officially discuss the process, the report outlines the "fast 'surgical' bankruptcy" of the ...

REPORT: General Motors in "intense" bankruptcy preparations 7 months ago on Autoblog

According to an unnamed source speaking with Reuters, General Motors "is in 'intense' and 'earnest' preparations for a possible bankruptcy filing." The report states that GM could be split into two separate entities; one "new" unit consisting of the General's successful brands (read: Chevrolet and ...

Flying J grounded, files for Chapter 11 bankruptcy 10 months ago on Autoblog

Whenever we drive from Los Angeles to Phoenix, we always stop at the Flying J in Blythe, California to refuel - and that might mean "refueling" on coffee, trail mix and a rented audiobook instead of gasoline. As it turns out, though, our favorite truck stop chain's production, refining, and ...

Sad day: ASC files for Chapter 11 2 years ago on Autoblog

Anyone who knows even a little bit (like I do) about American Specialty Cars is usually fascinated. After all, this is the company behind the Buick GNX, but it's also the company behind the Chevy SSR. Unfortunately, the latter vehicle was the one that did ASC in. According to Automotive News, ASC ...

Delphi dumping unprofitable contracts with GM 3 years ago on Autoblog

It's been a year since Delphi filed for Chapter 11 bankruptcy protection, and the supplier is still trying to find ways to return to profitability. One of the things it's identified as a way to get back into the black is ridding themselves of unprofitable contracts with General Motors. They have ...

Delphi seen improving, given more time by judge 3 years ago on Autoblog

U.S. Bankruptcy Judge Robert Drain agreed yesterday to extend Delphi's deadline to submit its reorginization plan from August 5th to February 1st of next year. Judge Drain apparently sees the embattled company as making significant progress with buyouts and the early retirement of thousands of Union ...






Autoblog Podcast #152: Paukert Enhanced!

Chris Paukert joins the usual crew of Chris, Sam, and Dan, summarily classing up the joint.

 
 

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