auto bailout


Gov't rejects automaker restructuring plans, new deadlines set

President Obama has just finished his press conference on the government's determination of the viability of General Motors and Chrysler, and the gist is that both automakers have failed to convince the feds that their business plans deserve further investment. Obama and his task force will give GM enough working capital to survive another 60 days and prove its viability, though no dollar amount was given. Chrysler, meanwhile, is being given another 30 days and working capital up to $6 billion to finalize a partnership deal with Fiat. If a ... Read more →

Total Bailout Bill: $97.4 Billion, with a 'B' Jeremy Korzeniewski

With all the rescue/bailout talk going on here at Autoblog and, oh, just about everywhere else, you may find that it's tough to keep up with it all. Thankfully, the scribes over at Detroit Free Press ...

Followup: GM receives second gov't loan installment of $5.4 billion Jeremy Korzeniewski

Cue the angels! General Motors reports that it has received the second installment of the $13.4 billion government loan that it was promised by former President Bush late last month. Sure, it may have ...

GM gets its $4 billion, Chrysler still waiting Jonathon Ramsey

On Monday, December 29, Chrysler and General Motors were supposed to get the first installments of its allotted funds from the $17.4 billion dollar bridge loans. On Wednesday, GM got it's $4 billion. ...

Deadline passes without word on critical GMAC bond-exchange vote Jonathon Ramsey

GMAC, General Motors' finance arm, was granted bank holding status, but there is still no word on whether the bond buyback was successful. The deadline for GMAC to have converted enough of its bonds - ...

Blame Game: Survey says who's at fault ? Management or union? 10 months ago on Autoblog

Each month, the American Pulse Survey seeks respondents' opinions regarding various political, pop culture and economic issues. Seeing that the auto bailout is a hot topic these days, it is unsurprising that much of the latest survey centered on the $17.4 billion in so-called bridge loans to the ...

Fed grants GMAC bank holding status 10 months ago on Autoblog

GMAC – and ergo General Motors – just got another Christmas present: the Federal Reserve has granted GMAC bank holding status. GMAC has billions of dollars of bonds coming due over the next 12 months, but doesn't have the liquidity to cover the obligations. As of last week, the financing ...

Chrysler won't suspend NASCAR program, will reduce funding 10 months ago on Autoblog

A rubber bullet has been dodged: NASCAR can still count on sponsorship dollars and involvement provided by the Detroit 3. Chrysler has stated that it will reduce the funds that flow from its taps into NASCAR, but won't leave the sport. As far as marketing and advertising goes, the "stock cars" ...

If automakers get a bailout, should NASCAR die? 10 months ago on Autoblog

A columnist over at Slate.com is recommending -- and not lightly, he wants you to know -- that with the domestic automakers enduring "Detroit's version of The Troubles," now would be a good time to "euthanize" NASCAR. He makes a long argument, but the crux of it is simple: if the domestics get a ...

WaPo/ABC News: 55% of Americans against auto bailout; Levin says possible deal tomorrow 10 months ago on Autoblog

55% of Americans are against a federal bailout of U.S. automakers. This, according to a Washington Post/ABC News poll of 1,003 randomly-selected adults nationwide that was conducted by phone last week between December 11 and 14 (we didn't get a call, did you?). 42% of those polled express support ...

GMAC rushes to conclude bond buyback and avoid bankruptcy 10 months ago on Autoblog

GM doesn't just have its eye on auto bailout funds -- its GMAC division (of which it owns 49%) is looking for cash from among the $700 billion pledged in the Wall Street bailout. Through the end of next year, GMAC has roughly $12 billion in bonds maturing. But to have any chance at getting Wall ...

Best of the Autoblog Speech Bubble Comics 11 months ago on Autoblog

var digg_url = 'http://digg.com/autos/Best_of_the_Autoblog_Speech_Bubble_Comics'; During the past few weeks during which the auto industry has struggled to secure government loans to stave off bankruptcy, we've covered the proceedings in an unusual way. We found this one picture of the ...

DOW opens down sharply, President reconsiders tapping TARP funds 11 months ago on Autoblog

9:30 AM EST has come and gone and the Dow Jones Industrial Average has officially begun its trading day. As expected, the index dropped sharply after the opening bell, which was rung today by singer/actress Mandy Moore. Ms. Moore watched as before sound waves from the bell hit the other side of the ...

Workers wages the straw that broke the automakers' backs 11 months ago on Autoblog

After such a drawn out, difficult process to get an Auto Rescue/Bailout Bill through Congress, there was one issue in particular that led to its defeat at the hands of Senate Republicans. Word has it that hope was in the air around 7PM EST yesterday evening that a deal could be reached among ...

Pay raise for federal judges and tax shelters snuck in Auto Rescue/Bailout bill 11 months ago on Autoblog

Let's say you're a Congressman and your constituents are begging for a bronze statue of Johnny Cash in the center of town. Fortunately, there's an important bill being voted on this week, so you just slide a federal funds provision for "urban improvement" in there and vote Yes for the larger matter ...

House passes Auto Rescue/Bailout Bill, still faces heavy Senate opposition 11 months ago on Autoblog

The U.S. House of Representatives voted late Wednesday to pass the Auto Rescue/Bailout Bill by a vote of 237 to 170. The contents of the bill came from concessions made by Congressional Democrats to White House demand, which include $14 billion in government loans, $1 billion less than was ...

Lee Iacocca in favor of keeping Detroit 3 CEOs 11 months ago on Autoblog

If there's anyone out there who's qualified to opine on what it takes to turn around a struggling automaker, it's Lee Iacocca. Those old enough to remember life in the late '70s can recall Iacocca's first stint at the head of Chrysler, way before the automaker was ever purchased by Daimler and its ...

STUDY: Detroit bankruptcy would cost four times more than bailout 11 months ago on Autoblog

The choices are: spend $15 billion in bridge loans now to keep the Detroit Two (GM and Chrysler, since Ford can apparently hold its own) from going bankrupt, or spend $70 billion over the next two years to pay for the fallout from the Detroit Two going bankrupt. Those are the numbers according to ...






Autoblog Podcast #152: Paukert Enhanced!

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

 
 

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