bankruptcy


GM loses $1.2B last quarter, ready to start repaying loans

This is one of the trickier press releases we've ever had to parse, but here goes. Despite losing $1.15 billion in the third quarter of 2009, General Motors sees this as a "solid foundation." GM President and CEO Fritz Henderson continues, "With a healthier balance sheet and a competitive cost structure, our focus is on driving top line performance. We'll achieve that by winning customers over, one at a time, with vehicles that deliver performance and value." How can he say any of that? Despite the loss, revenue for the entire quarter is ... Read more →

BREAKING: GM to begin repaying $6.7 billion in U.S. loans next month Damon Lavrinc

digg_url = 'http://www.autoblog.com/2009/11/16/breaking-gm-to-begin-repaying-6-7-billion-in-us-loans-next-mon/'; General Motors will announce later today plans to repay the U.S. government some ...

Koenigsegg reportedly rejects 81 out of 218 U.S. Saab dealers Michael Harley

According to Automotive News, Federal Express letters arrived at 81 of Saab's 218 dealers on Thursday stating that their franchises had not been selected to move forward and become a dealer for ...

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 ...

Chrysler to expand product liability claims after all Chris Shunk

When Chrysler sought bankruptcy protection on April 30, the Obama administration insisted that one of the conditions of its Chapter 11 filing were that all product lawsuits against the Pentastar were ...

REPORT: Saab deal between GM and Koenigsegg finalized 3 months ago on Autoblog

The deal has been signed, but the cash still hasn't changed hands. In a nutshell, that's where the share transfer agreement between GM and Swedish manufacturer Koenigsegg sits. Those close to the deal say the two companies have agreed on a very low price for Saab, but the exact figures are ...

REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM 3 months ago on Autoblog

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 ...

STUDY: Ford continues to find favor with consumers while GM, Chysler decline 3 months ago on Autoblog

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 was completed by 1,000 Americans in late July, shows that only 38% of Americans now have a ...

REPORT: Government ends warranty programs for GM, Chrysler 4 months ago on Autoblog

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 means cold, hard cash, and in this case the total was $641 million. But with both companies out of ...

House reportedly approves measure to restore dealerships despite bankruptcy blows 4 months ago on Autoblog

One of the more controversial parts of the Chrysler bankruptcy was the decision to cut 789 dealerships by June 9. The move made for a quick, painful end to dealerships that in some cases spanned several generations of family ownership. When General Motors entered bankruptcy, it said it would cut ...

Remember that whole 'bankruptcy will kill GM and Chrysler residuals?' Not so much. 4 months ago on Autoblog

Back in late 2008, auto executives from General Motors and Chrysler warned of dire consequences in the event that one of their companies was forced into bankruptcy proceedings. With the help of the federal government, little of that doom and gloom materialized, at least when it comes to used car ...

BREAKING: New GM drives out of bankruptcy this morning [*UPDATED] 4 months ago on Autoblog

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 the U.S. and Canadian governments and the UAW healthcare fund, but gave vested parties four days to ...

Seat-of-the-Pants: Lear files for Chapter 11 bankruptcy 4 months ago on Autoblog

With sales numbers continually bad and plants just now awakening from long idle periods, suppliers are particularly vulnerable to financial trouble. Seat supplier Lear Corporation failed to pay a $38 million obligation on June 1st, and the grace period has just run out. With General Motors as its ...

BREAKING: Bankruptcy Judge OKs sale of good assets to New GM 4 months ago on Autoblog

General Motors has cleared a major hurdle to get out of bankruptcy quickly, as U.S. Judge Robert Gerbe has finally given the automaker the go-ahead to sell off its best assets to a newly formed company that analysts have been calling "New GM". The new GM will include assets like the Chevrolet and ...

REPORT: Despite having no real value, investors continue to trade GM stock 4 months ago on Autoblog

As of 10 am this morning, General Motors stock was trading at about 80 cents. If you think that is a bit of a bargain, you may be a bit of crazy. With The General apparently almost finished with bankruptcy, there is near certainty that the company's common stock will mean exactly nothing in a ...

Porsche loan request rejected by Germany's state bank 4 months ago on Autoblog

Porsche is profitable and it owns a big chunk of the far larger Volkswagen, yet cash seems to be in short supply. Automotive News is reporting that the world-renowned luxury sports car maker's 1.75 billion euro ($2.45 billion USD) loan request from German state bank KFW has been rejected, leaving ...

REPORT: Federal bankruptcy court expected to rule on "New GM" 4 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 ...

Chrysler bankruptcy lawyers rack up $12.7M bill in first month 4 months ago on Autoblog

During bankruptcy, just about everyone involved with the affected company is going to feel the pain in some form. That is, of course, unless you're a lawyer. New York law firm Jonas Day has represented Chrysler during its time spent in Chapter 11 bankruptcy, and Automotive News is reporting that ...

Karmann Go: Legendary coachbuilder shuts down as last car comes off the line 5 months ago on Autoblog

Troubled coachbuilder and specialty car manufacturer Karmann has gone dark. The firm's final vehicle – a Mercedes-Benz CLK came off the lines on Monday as the legendary company has been shuttered because of insolvency. Perhaps best known for its Volkswagen-based Karmann Ghia coupe and ...

Bankruptcy filing reportedly allows GM, Chrysler to shed hundreds of product liability lawsuits 5 months ago on Autoblog

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 whole lot fewer employees, plants, and dealers. Another area where the two automakers will receive ...

Attorneys file objections to General Motors asset sale 5 months ago on Autoblog

As Yogi Berra once said, "This is like deja-vu all over again." Yesterday was the deadline for parties to file objections to the General Motors asset sale, and several were indeed filed. If some of this sounds familiar, it's because similar objections were filed during Chrysler's bankruptcy ...

REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most 5 months ago on Autoblog

With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will ...

Dodge Viper assembly plant first Chrysler facility to restart after bankruptcy? 5 months ago on Autoblog

The new Chrysler Group, LLC exited from bankruptcy last week, yet its factories have remained closed. CNN Money reports that this streak of inactivity will end when the 115 workers that assemble the Dodge Viper return to business at the Conner Avenue plant in Detroit. The start-up of ...

Putting It In Perspective: Largest bankruptcies in U.S. history displayed graphically 5 months ago on Autoblog

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 'sinking ship' metaphor to graphically show where the Chapter 11 filings of General Motors and ...

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 ...

BREAKING: Supreme Court clears the way for Chrysler-Fiat deal 5 months ago on Autoblog

With the temporary stay issued yesterday lifted, the Supreme Court will allow the government-backed sale of Chrysler to Fiat. The high court rejected the request from Indiana pension funds and consumer advocates to delay the deal, clearing the way for the sale and setting a precedent for General ...

Dealer Bailout: Chrysler to redistribute all new inventory 5 months ago on Autoblog

After the suggestion of Congressional hearings on the matter, Chrysler's Jim Press assured Senator Kay Bailey Hutchison (R-TX) that Chrysler dealers with leftover inventory after June 9 would "receive a fair and equitable value." It appears that Chrysler is making good on that promise. The ...

GOP plan calls for Fed to give GM, Chrysler stock to taxpayers 5 months ago on Autoblog

The bankruptcy of General Motors and Chrysler has made both automakers part property of the U.S. government. Under the current plan drawn up by President Obama's Auto Task Force, 60 of Chrysler will end up under the ownership of Uncle Sam, but Republicans are hatching a different plan. Senator ...

Chrysler bankruptcy taken to Supreme Court by unhappy shareholders 5 months ago on Autoblog

As the movie Hoosiers amply demonstrated, Indiana natives don't quit. That's also true for three Indiana state pension funds who have fought Chrysler's bankruptcy all the way to the federal appeals court in New York and, having lost their case there, are filing papers with the Supreme Court today. ...

FOLLOWUP: Chrysler, Fiat reportedly agree to honor lemon law claims 5 months ago on Autoblog

On a recent episode of The Chrysler Files, customers who purchased Chrysler vehicles that were later officially certified as lemons were being reimbursed by the company with checks... that bounced. The snafu stemmed from the fact that while said claims were made before Chrysler's bankruptcy, after ...

GM to get tough with dealers during bankruptcy 5 months ago on Autoblog

General Motors is going to right-size its dealer body as part of its bankruptcy, and the Detroit automaker is going to ask plenty of dealers that make the cut to remain with the "new" GM. The General has already announced that 1,124 dealerships wouldn't be renewed in October 2010, and another 200 ...

Ford offering extra incentives to "orphaned" Chrysler owners? 5 months ago on Autoblog

Ford is primed to receive a bump in sales as a result of the bankruptcies of General Motors and Chrysler, and the Dearborn-based automaker is picking and choosing where to take share from its domestic competition. One area ripe for conquest are customers who've purchased vehicles from soon-to-be ...

REPORT: Porsche expects to book $979.5 million in profits for fiscal year 5 months ago on Autoblog

Porsche may have gotten in over its head when it tried to take over Volkswagen outright, but that doesn't mean the German automaker is struggling to sell premium sports cars. The Stuttgart-based automaker is planning on selling 80,000 units in 2009 at an astounding profit margin of 12%. That's $979 ...

Ford makes statement on GM bankruptcy, hopes for level playing field 5 months ago on Autoblog

While all eyes are on General Motors, its Chapter 11 bankruptcy filing and the additional $30 billion in loans the automaker will receive from the US government, FoMoCo doesn't want the Obama administration to forget the Blue Oval is restructuring without the help of the federal government. And 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 ...

Tier-1 supplier Metaldyne files for Chapter 11 bankruptcy too 5 months ago on Autoblog

To the roll call of auto industry titans that have gone or are going bankrupt -- Visteon, Chrysler, GM, Saab, Karmann, ASC, Source Interlink -- we can now add Tier 1 supplier Metaldyne, which filed for bankruptcy for its American operations. Metaldyne makes metal bits for car and truck chassis and ...

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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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