bailout


Rattner recounts auto bailout, was "shocked" and "stunned" at condition of GM, Chrysler

Steve Rattner is a man we admire but do not envy. Rattner, a former Wall Street banking type with zero experience in the automotive or manufacturing world, was tasked by President Obama with guiding General Motors and Chrysler through their restructuring efforts. Not a small job, by any means. Or one we would wish on our worst enemies. That said, it was a HUGE job, and huge jobs typically make for great stories. Rattner, in an article he penned himself for CNN's Money doesn't disappoint. At all. Allow us to tantalize you with some quotes: ... Read more →

REPORT: General Motor still on track for 2010 IPO Frank Filipponio

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 ...

STUDY: Ford continues to find favor with consumers while GM, Chysler decline Chris Shunk

Bankruptcy may have put General Motors and Chrysler in a better financial position, but a report from Rasmussen shows that public opinion may have taken a big hit in the process. The survey, which ...

Auto Task Force says no more money for auto bailouts... probably Chris Shunk

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 ...

REPORT: Detroit execs grilled on dealer cuts by Congress, Henderson agrees to cough up closure list Chris Shunk

When it comes to dealership closings, there is a big divide between what General Motors, Chrysler and President Obama's auto task force want and what dealers and Congress want. The bankrupt Detroit ...

Officially, Official: GM files for Chapter 11 bankruptcy 5 months ago on Autoblog

The die is cast: General Motors has filed for bankruptcy. As expected, the automotive giant filed for Chapter 11 bankruptcy protection this morning in a New York court, listing $82 billion in assets and $172 billion in debts. As we told you earlier, the century-old company will gain extensive ...

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: GM lurches toward bankruptcy as bondholder offer fails 5 months ago on Autoblog

General Motors is teetering ever closer to the brink of bankruptcy today, as the automaker's exchange offer for its outstanding debt fell "substantially" short of the necessary take-rate. GM had offered some $27.2 billion of its unsecured public notes to its bondholders, but the offer expired at ...

BREAKING: Gov't. reportedly gearing up to push GM into bankruptcy as early as next week 6 months ago on Autoblog

According to The Washington Post, the White House is readying General Motors for a bankruptcy filing that could come as early as the end of next week. According to the paper, the proceedings would likely grant GM nearly $30 billion in additional federal loans, bringing taxpayer investments into the ...

Will GM consider moving its headquarters out of Detroit? [w/POLL] 6 months ago on Autoblog

Yesterday's media question-and-answer session with General Motors' CEO Fritz Henderson didn't reveal much in the way of actual news, but at least one question raised a few eyebrows: "Is GM considering moving its corporate headquarters?" While that's an unlikely scenario, Henderson stopped short of ...

Chrysler reveals more facets of "We Build" campaign 6 months ago on Autoblog

Chrysler sales have been abysmal throughout 2009, and with the uncertainty of bankruptcy, the short-term sales outlook is decidedly bad. To get the word out to its customers that the Pentastar is alive and well (except for its idled plants), Chrysler is launching a new campaign beginning May 11 ...

Survey: Ford's image gets a boost by nixing federal aid 6 months ago on Autoblog

In what has to be one of the least surprising developments related to the auto industry, a newly-released survey finds that Americans' favorable view of Ford Motor Company has increased substantially since it became the sole member of the Detroit Three to abstain from taking federal funds. Before ...

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." ...

REPORT: UAW's majority stake in Chrysler doesn't necessarily translate to control 6 months ago on Autoblog

The reworked contract between Chrysler and the United Auto Workers cedes 55% of Pentastar stock to the worker's retiree health care fund. That has lead to speculation that the UAW would have majority representation on the Chrysler board, but labor experts believe that won't be the case. University ...

DetNews columnist warns of the dangers of nationalizing GM 6 months ago on Autoblog

Detroit News columnist Daniel Howes has penned a commentary on what he believes the "mind-numbing" future could be if the White House and the United Auto Workers end up with majority control of General Motors. Howes fears that a government-and-UAW-controlled boardroom would end up an echo chamber, ...

REPORT: UAW agrees to ban strikes?(!) 6 months ago on Autoblog

According to a post on The Detroit Bureau, a key stipulation in the tentative contract reached between the United Auto Workers and Chrysler is that the union's right to strike will be all but eliminated for at least the next few years. As quoted in the story, Harley Shaiken, a labor relations ...

BREAKING: Chrysler lenders, U.S. Treasury reportedly agree to terms [*UPDATED] 6 months ago on Autoblog

Details are scarce at the moment, but word is emerging that Chrysler's lenders have reached a deal with the U.S. Treasury Department that could help stave off bankruptcy. According to a Reuters report, word is that the Pentastar's first-lien lenders have agreed to write down the $6.9 billion in ...

GM future hinges on success of new debt-for-equity swap offers 6 months ago on Autoblog

In addition to announcing the shuttering of Pontiac, General Motors has put forth a new offer to its bondholders to exchange $27 billion in claims for equity in the struggling automaker. As part of the plan, GM is offering its bondholders a 10% equity stake in the company, but worryingly, if 90 ...

Officially Official: GM kills Pontiac *UPDATED with LIVE webcast embed* 6 months ago on Autoblog

Rumors from late last week have come home to roost, and as part of its restructuring efforts, General Motors has just announced that Pontiac will be "phased out by the end of 2010." GM will continue to build its accelerated viability plan around four brands: Chevrolet, Cadillac, Buick, and GMC. As ...

REPORT: GM to get $5B, Chrysler $500M from gov't 7 months ago on Autoblog

Is General Motors about to get an additional $5 billlion from the Feds? Will Chrysler be getting another $500 million? The Detroit News seems to think so. Citing Obama Administration sources and a leaked 250-page government report, they say that those figures are accurate. The money will reportedly ...

REPORT: Chrysler Financial turns down government loan over executive pay limit stipulations 7 months ago on Autoblog

Earlier this month Chrysler Financial (CF) turned down a $750 million loan from the government meant to allow it to continue providing loans to dealers. This is where it turns into he-said-she-said: a source told the Washington Post that CF turned the loan down because a condition of the loan was ...

CAW President Lewenza issues address responding to Nardelli/Lasorda letter 7 months ago on Autoblog

The top dogs at Chrysler sent a letter to the Canadian Auto Workers union that essentially said that the automaker needed wage concessions of $19 per hour, or else it was Game Over. As a further way to apply pressure, Chrysler's letter frequently referenced the U.S. and Canadian governments as ...

Chrysler brass sends letter asking CAW workers for concessions. Workers burn it. 7 months ago on Autoblog

It boils down to this: In 12 days, Chrysler's fate is likely to be sealed, one way or another. Both the United States and Canadian federal governments have told the automaker that in order to get continued funding, it must restructure dramatically. After consulting with his task force on the auto ...

That'll Fix It: NY Auto Show models reportedly getting heckled by bailout detractors 7 months ago on Autoblog

For as long as auto shows have been a showplace for the latest and greatest cars and trucks, there have been attractive models hired to stand by the vehicles. The models answer questions from patrons and extol the virtues of the product, but almost never participate in the design, engineering or ...

Tesla CEO vows to personally refund deposits if there's an "Armageddon scenario" 7 months ago on Autoblog

Here's Tesla's Elon Musk, speaking in March (and just published in Car and Driver): Even in the worst case of an Armageddon scenario, I'll personally refund people [their money] if need be. While the U.S. federal government needs to step in and guarantee the warranties for General Motors and ...

Canadian Idle: Two Chrysler plants shut down over supplier dispute 7 months ago on Autoblog

Chrysler has been playing hardball with the Canadian government in an effort to secure up to $3 billion in loans, as company Vice Chairman Tom Lasorda recently threatened to leave Canada if it didn't receive the necessary loons. One supplier with only 60 employees is giving the Pentastar a sneak ...

GM asking Department of Energy for $2.6 billion to build hybrids? 7 months ago on Autoblog

General Motors released an updated business plan to Congress on Wednesday, and one of the main points of interest surrounds the automaker's request of an additional $2.6 billion for the production of the Chevrolet Volt and two additional variants based on the same Voltec powertrain ...

Autoblog Podcast #121 7 months ago on Autoblog

We reluctantly skipped last week's podcast, so it's only appropriate we're back with a vengeance this week. Alex Nunez makes a rare appearance, joining Chris and Dan, and bringing rapier wit and incisive analysis to the podcast party. We really meant to cover more subjects, but it was ...

GM Bondholders not digging restructuring plan 8 months ago on Autoblog

General Motors submitted a restructuring plan on February 17 that included 47,000 job cuts, 14 plant closings by 2012 and the sale, dismantling, or shrinking of four brands. It sounds like a big remodeling job, unless you're a GM bondholder. In a letter sent to President Obama's automotive task ...

STUDY: More buyers avoiding GM, Chrysler during rescue 8 months ago on Autoblog

General Motors and Chrysler have already received a combined $17.4 billion in government loans to keep them from insolvency and bankruptcy. The argument against bankruptcy has been that nobody wants to buy a new car or truck from an automaker that might not be around to honor its warranty. A new ...

CAW concessions could pave way for Canadian GM bailout 8 months ago on Autoblog

Reuters reports that the Canadian Auto Workers leadership and General Motors Canada have agreed on a set of union concessions that, if approved by CAW members, could clear the way for both the Canadian federal and Ontario local governments to furnish the cash-starved automaker with billions more in ...

Big Shift: Poll says just 25% of Americans now favor automaker aid 8 months ago on Autoblog

During his state of the economy speech on Capitol Hill, President Obama was passionate in stating his commitment to saving the domestic auto industry. While domestic automakers have the President's support, the general public may be less receptive to more government loans. A recent USA Today poll ...

Chrysler still thinks merging with GM a good idea 9 months ago on Autoblog

General Motors may have put a merger with Chrysler in its rear view mirror, but the Pentastar apparently thinks a tie-up might still be a good idea. Chrysler called a potential pairing with the General the "best option" for the Auburn Hills, MI-based automaker, saying that it would reap five times ...

Total Bailout Bill: $97.4 Billion, with a 'B' 9 months ago on Autoblog

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 have consolidated the discussion down to one easy-to-read but tough-to-comprehend figure: $97.4 ...

REPORT: Obama dropping "car czar" in favor of task force 9 months ago on Autoblog

While there have been rumors and suggested candidates floated for the so-called federal "car czar" post, it now no longer looks like that position will be filled. That's because President Barack Obama has apparently gone cold on the idea. Instead, new reports suggest that he will look to a select ...

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Autoblog Podcast #153: With Phil Berg

Phil Berg puts his reputation on the line and hangs with the podcast crew.

 
 

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