GmBankruptcy


REPORT: General Motor still on track for 2010 IPO

While defending the government bailout of America's auto industry, Herb Allison (above), the Treasury Department's assistant secretary for financial stability, said that a General Motors initial public offering is still a go for next year. While Allison still believes it was essential to safeguard the security of our financial system, he claims that the deal to bail out the auto industry has always been seen as a temporary situation: "Our investments in the automobile industry and other companies that have received exceptional assistance ... Read more →

REPORT: GM gets out from under its polluted sites scot-free Jonathon Ramsey

Among those clamoring for attention and payouts from Motors Liquidation Co., the company that assumed General Motors' unwanted assets after its Chapter 11 filing, are the environmental and ...

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

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 ...

Paging Captain Obvious: Liquidation Motors reportedly tanks in trading Dan Roth

The short version: old General Motors is worthless, new General Motors is... well, less worthless. The Securities and Exchange Commission has already warned us that Motors Liquidation Company, the ...

Autoblog Podcast #135 Dan Roth

Episode #135 of the Autoblog Podcast is here. Chris, Sam and Dan took time out to chat about GM's fast-moving reorganization, Smart's dubious $99/month deal, raising gas taxes as a better way to ...

The Greenwash to End All Greenwashing? GM reportedly pondering changing logo color 4 months ago on Autoblog

General Motors has certainly been pumping out a greener message for the last few years, but, on the eve of its likely emergence from bankruptcy, it looks like it might be ridiculously difficult to miss the company's shift to a new and very public eco-mindset: The General's traditional blue ...

WSJ Column: Higher gas taxes better strategy than CAFE to save GM 4 months ago on Autoblog

Ford Executive Chairman Bill Ford and AutoNation CEO Mike Jackson were just two voices that spoke out in favor of a higher gas tax earlier this year. While we took the Cato Institute's Alan Reynolds to task for muddying the waters of the "Toyota-licensed hybrid Fusion", there's reason to look ...

Autoblog Podcast #133 4 months ago on Autoblog

The dynamic duo of Chris and Sam carry off Episode #133 of the Autoblog Podcast without a hitch. Though down a man, the pair didn't cheap out on topics or duration, it's the same podcast goodness. It kicks off with Hyundai's impressive showing in the recently released Initial Quality Survey ...

BREAKING: Swedish TV reports Koenigsegg buying Saab 5 months ago on Autoblog

We don't have much to go on yet, but Swedish television is reportedly claiming that Koenigsegg, makers of ultra high-performance exotic supercars, and a group of Norwegian investors have signed a letter of intent with Saab to take over the brand from General Motors. Final negotiations will ...

GM grants reprieve to 30 dealers, reviewing more 5 months ago on Autoblog

General Motors wants to shrink its dealer network by around 2,500 outlets and has sent closure notices to more than a thousand already. Still, the General has left a door open that allows affected dealers to appeal the decision and show proof of why they should not be cut from the herd. According ...

REPORT: Cheney says Bush left GM bankruptcy for the next guy 5 months ago on Autoblog

The writing's been on the wall for years: GM would have to declare bankruptcy if it had any hope of restructuring in order to survive in the long-term. And though the Obama administration's effective take-over of General Motors was hardly the first case of the government nationalizing a private ...

Meet Brian Deese, the 31-year-old in charge of breaking up GM 5 months ago on Autoblog

Many of us ABers being in our early- to mid-30s, we're less amazed that another of our ilk has risen to a decisive government position. We are, after all, a generation on the rise. The surprising part about Brian Deese's story is that he's been instrumental in shaping the Obama administration's ...

Top 7 Good Cars From "Bad GM" 5 months ago on Autoblog

General Motors makes more than a few world-class automobiles. As true as that statement may be, that alone wasn't enough to stall the automaker's steady decline – fueled as it may have been by the global economic downturn – into Chapter 11 bankruptcy. To expedite GM's return to ...

Autoblog Podcast #130 5 months ago on Autoblog

Episode #130 of the Autoblog Podcast sees Chris, Sam, and Dan kibbitzing over the obvious news, but it's not an All-GM-Bankruptcy show. Starting with General Motors (after all, it's a huge event) we move on to Magna's deal with Opel (and GM, coincidentally). Volvo's clever implementation of a ...

Top 10 Talking Points To Sound Smart About GM Bankruptcy 5 months ago on Autoblog

Look, you're a car person, I'm a car person... we're car people. As such, friends, family and the watercooler crowd are depending on us to explain what the hell is going on with General Motors filing for Chapter 11 bankruptcy. So that we don't all end up regurgitating the five-second sound bites ...

VIDEO: Explaining the "New GM" to America in commercial form 5 months ago on Autoblog

There are lots of places you can find official information about what's happening to General Motors right now. In addition to www.gm.com/restructuring, GM has also launched a new website called re:invention. Already stocked with announcements and explanations regarding the company's filing for ...

President Obama addresses nation on GM bankruptcy 5 months ago on Autoblog

Just before noon EST, President Obama gave a press conference concerning this morning's General Motors Chapter 11 bankruptcy filing. The man who made hope cool again tried to put as positive a spin as possible on the automaker's decision to file, claiming a "viable, achievable plan" is in place ...

REPORT: GM preparing to give more dealerships the axe 5 months ago on Autoblog

On top of the 1,124 General Motors dealers that will be closed next year, the ailing automaker is reportedly going to announce another round of dealer closings on Monday when its bankruptcy declaration is expected. According to two Automotive News sources, 450 dealers will not see their dealer ...

REPORT: GM bondholders give go-ahead to revamped deal, bankruptcy still expected 5 months ago on Autoblog

Yesterday, General Motors and its bondholders had officially called it quits, and GM was headed for a certain and certain-to-be-rocky bankruptcy. Today, according to a company filing, The General and the necessary chunk of its bondholders have come to an agreement, and the company looks to be ...

GM and Chrysler CEOs called to D.C. to explain dealer closings 5 months ago on Autoblog

The situations with GM and Chrysler are beginning to look like what happens after a fumble in an NFL game: a dozen men pile on top of each other all trying to get the ball. The difference in the case of GM and Chrysler is there are far more than two teams struggling for the prize. The latest to hop ...

REPORT: Opel's 'preferred' buyer(s) expected to be named mid-week 5 months ago on Autoblog

It looks like the German government is about to announce its list of preferred bidders for Opel this week, and the list is likely to include Fiat and Magna. Why would this list be coming from Chancellor Angela Merkel's spokesman and not, say, GM? Because the German government will have to step in ...

REPORT: GM reaches deal with Canadian Auto Workers union 5 months ago on Autoblog

After two weeks of intense negotiations, General Motors Canada and the Canadian Auto Workers (CAW) union have reached a deal that will help the automaker cut costs, allowing it to meet the terms for additional government loans. Ken Lewenza, head of the CAW, said it was "a struggle" to reach a deal ...

BREAKING: GM and UAW reach tentative agreement over new contract, bankruptcy looms regardless 5 months ago on Autoblog

Though we were just warned that new deals between General Motors and the major auto unions in the U.S. and Canada were unlikely to be completed by their May 27 deadline, word has begun spreading that a tentative agreement has been reached between GM and the United Auto Workers union. While there's ...

GM warns UAW and Treasury deals won't be done in time 5 months ago on Autoblog

Not that it should come as a major shock to anyone paying attention over the last few weeks, but in a regulatory filing submitted by General Motors on Tuesday, the beleaguered automaker has admitted that it's unlikely to have acceptable deals negotiated with the either the United Auto Workers or ...

GM dealer downsizing could lead to barrage of lawsuits 6 months ago on Autoblog

Rock, meet hard place. With General Motors handed a directive from the White House to be ultra-aggressive in its restructuring in order to secure more government loans, the automaker is making cuts everywhere and dealers are far from immune. As reported previously, GM's plan to shrink its retailers ...

Autoblog Podcast #125 6 months ago on Autoblog

We're up to a buck and a quarter, and Episode #125 of the Autoblog Podcast is nearly a half-hour of value. Chris, Sam, and Dan jump in and cover a slew of recent topics. To start, Sam recounts his recent drive in a Cruze-based Volt mule. We turn our attention to Ford's stupid mileage tricks ...

REPORT: MI attorney general pleads for automakers to declare bankruptcy in state 6 months ago on Autoblog

As in a basketball game when players are yanking on jerseys trying to block each other out under the basket, General Motors and Chrysler's creditors have officially begun jockeying for position. Michigan's Attorney General, Mike Cox, has sent letters to the CEOs at both companies to ask that, if ...

REPORT: GM hedges bets, plans to miss $1B debt payment deadline 6 months ago on Autoblog

The familiar expression goes "Better the devil you know," meaning it's preferable to deal with the nasty things you don't like but are at least familiar with. General Motors, however, doesn't seem to think so. The troubled automaker appears more ready to take its chances with bankruptcy than ...

Ford counting on the "B" word to score conquest sales 6 months ago on Autoblog

Is that 'B' as in bankruptcy or 'B' as in bailout? Probably 'B' as in both. Regardless of the buzzword you choose to slap on the respective situations General Motors and Chrysler find themselves in, it's not good, and Ford realizes this fact just as clearly as the rest of us. In response, the Blue ...

REPORT: Opel could carry on if GM files for bankruptcy 6 months ago on Autoblog

While several General Motors divisions and assets could face the axe if the troubled auto giant were to declare bankruptcy (or even if they don't), Opel would not necessarily be one of them, according to emerging financial reports from Europe. The German division has access to its own funds, which ...

GM reportedly accelerating the closure of 1,700 dealers 6 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 ...

REPORT: Pontiac and GMC may get axe... you knew this was coming 6 months ago on Autoblog

When the president tells you to sharpen your pencil and improve your last-ditch survival effort, it's time to grab the big eraser. According to reports, General Motors may ditch its GMC and Pontiac brands to demonstrate just how serious it is. If the auto lines go, GM would be pared back to ...

GM chairman Kresa admits: "Time is not on our side on trying to get things done out of bankruptcy" 6 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 ...

Toyota exec says automaker ready for GM bankruptcy 7 months ago on Autoblog

The world's largest automakers are intertwined in a myriad of ways and they need to watch their competitors in both good times and bad. When talk of a GM bankruptcy was first floated, the discussion of the effects naturally led to GM's suppliers. That discussion then led to what the effects would ...

GM and AIG: Why bondholders might want bankruptcy 7 months ago on Autoblog

Before we begin, let us state clearly that this is speculation by Karl Denninger at The Market Ticker. Examining the various stakeholders' interests in General Motors, Denninger has come up with a scenario that supposes GM's bondholders might actually want the automaker to file for bankruptcy. The ...

STUDY: 76% of Americans believe economy can survive without GM 7 months ago on Autoblog

According to The Detroit Free Press, Rasmussen Reports called 1,000 people and asked them if they believed "the economy could recover without General Motors in business." The results were clear: 76% of respondents said "Yes, it can." The sentiment against any more taxpayer money being used to ...

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Autoblog Podcast #151: With Car and Driver's Eddie Alterman

Eddie Alterman wades in with Sam, Chris, Dan, and Jonny to talk about SEMA and other recent events.

 
 

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