Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Lawsuit could unravel New GM]]>http://www.autoblog.com/2012/08/07/lawsuit-could-unravel-new-gm/http://www.autoblog.com/2012/08/07/lawsuit-could-unravel-new-gm/http://www.autoblog.com/2012/08/07/lawsuit-could-unravel-new-gm/#commentsFiled under: , ,

General Motors' Rennaissance Center headquarters in Detroit - aerial view

A lawsuit that pits hedge funds against creditors is going to trial today, and the outcome could threaten to unravel "New General Motors."

In the lawsuit, a trust for Motors Liquidation Co., better known as "Old GM," alleges that certain hedge funds took advantage of a last-minute opportunity for a profit in the midst of the General Motors bankruptcy filing.

According to the Bloomberg report, the trust is looking to have a $367 million payment and a $2.67 claim from holders of GM Nova Scotia's notes negated, or at the very least reduced. The trust says that the hedge funds are looking to be compensated three times more than what was owed to them by GM.

"New GM," created in a vast series of financial maneuvers, says that the incident threatened to put a wrench in the sale of GM that allowed it to survive.

The trust claims that since the agreement with the hedge funds was reached after GM came under bankruptcy protection, the hedge fund required bankruptcy court approval - something that the trust claims the hedge fund never did.

General Motors points outs that the agreement with the hedge funds allowed it to manage inter-company loans was was essential in moving the carmaker forward. According to GM, without the agreement, the company would have been forced to liquidate immediately.

Lawsuit could unravel New GM originally appeared on Autoblog on Tue, 07 Aug 2012 15:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto bailoutfinancialgeneral motorsgmhedge fundnew gmold gmTue, 07 Aug 2012 15:31:00 EST http://www.autoblog.com/feed/20295172/article-comments.xml http://www.autoblog.com/feed/2012/08/07/lawsuit-could-unravel-new-gm/20295172/article-detail.xml 20295172 http://www.blogcdn.com/www.autoblog.com/media/2012/08/gm-ren-cen_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/gm-ren-cen.jpg <![CDATA[2007-2008 Chevrolet Impala owners suing Old GM over suspension woes]]>http://www.autoblog.com/2011/09/28/2007-2008-chevrolet-impala-owners-suing-old-gm-over-suspension-w/http://www.autoblog.com/2011/09/28/2007-2008-chevrolet-impala-owners-suing-old-gm-over-suspension-w/http://www.autoblog.com/2011/09/28/2007-2008-chevrolet-impala-owners-suing-old-gm-over-suspension-w/#commentsFiled under: , , ,

2007 Chevrolet Impala

Owners of 2007-2008 Chevrolet Impala models are once again suing Old General Motors for defects in their vehicles' suspensions. The Detroit News reports that three Impala owners have filed suit in U.S. bankruptcy court claiming that the sale of the company's assets was in bad faith and fraudulent on the grounds that the company didn't disclose its obligations to Impala owners. As you may recall, these owners attempted to sue GM on the grounds that the company acknowledged and repaired defects in the suspension of Impala police vehicles, but failed to do the same for general-market models.

GM, meanwhile, argued that it couldn't be held responsible for vehicles created before the new GM was minted after bankruptcy proceedings, and that the lawsuit is attempting to hold the new GM responsible for Old GM design decisions. Impala owners now argue that Old GM instated a secret warranty or silent recall by agreeing to fix the police vehicles.

The suit wants GM to replace faulty rear suspension rods that cause the vehicles' rear tires to wear rapidly. If successful, the suit could cost the automaker millions of dollars in parts and repairs.

2007-2008 Chevrolet Impala owners suing Old GM over suspension woes originally appeared on Autoblog on Wed, 28 Sep 2011 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>chevroletgeneral motorsgmimpalaimpala lawsuitlawsuitnew gmold gmWed, 28 Sep 2011 18:00:00 EST http://www.autoblog.com/feed/20068058/article-comments.xml http://www.autoblog.com/feed/2011/09/28/2007-2008-chevrolet-impala-owners-suing-old-gm-over-suspension-w/20068058/article-detail.xml 20068058 http://www.blogcdn.com/www.autoblog.com/media/2011/09/chevrolet-impala-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/09/chevrolet-impala-628.jpg <![CDATA[GM loses $1.2B last quarter, ready to start repaying loans]]>http://www.autoblog.com/2009/11/16/gm-loses-1-2b-last-quarter-ready-to-start-repaying-loans/http://www.autoblog.com/2009/11/16/gm-loses-1-2b-last-quarter-ready-to-start-repaying-loans/http://www.autoblog.com/2009/11/16/gm-loses-1-2b-last-quarter-ready-to-start-repaying-loans/#commentsFiled under: ,



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 up $4.9 billion from Q2. As are sales, up from 62.8 million global sales in Q2 to 67.7 million in Q3. Cash for Clunkers helped boost sales, resulting in such a healthy quarter. But despite a good three months, GM is still saddled with paying out $2.8 billion for Delphi's bankruptcy, $2 billion of "payment term adjustments," $2.5 billion owed to the US and Canadian Governments and another $1 billion in restructuring costs. Bottom line, says Henderson, is, "I've been asked 100 times, 'When are you going to start paying back the taxpayers?' The answer is now." All the sordid details are in the press release below the fold.

[Source: GM | Image Source: Bill Pugliano/Getty]

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

GM loses $1.2B last quarter, ready to start repaying loans originally appeared on Autoblog on Mon, 16 Nov 2009 12:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcyFritz HendersonFritzHendersonGeneral MotorsGeneralMotorsGMNew GMNewGmMon, 16 Nov 2009 12:32:00 EST http://www.autoblog.com/feed/19241244/article-comments.xml http://www.autoblog.com/feed/2009/11/16/gm-loses-1-2b-last-quarter-ready-to-start-repaying-loans/19241244/article-detail.xml 19241244 http://www.blogcdn.com/www.autoblog.com/media/2009/11/85702439-630op_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/11/85702439-630op.jpg <![CDATA[Analysts: Say hello to the new GM, same as the old GM [w/VIDEO]]]>http://www.autoblog.com/2009/08/17/analysts-say-hello-to-the-new-gm-same-as-the-old-gm-w-video/http://www.autoblog.com/2009/08/17/analysts-say-hello-to-the-new-gm-same-as-the-old-gm-w-video/http://www.autoblog.com/2009/08/17/analysts-say-hello-to-the-new-gm-same-as-the-old-gm-w-video/#commentsFiled under: , , ,


GM explains "New GM" in new commercial - Click above to watch video after the jump

Remember the old General Motors? Too many brands, too many models, advertising campaigns that petered out too soon, and multiple products competing for the same buyers. That's changed, officials from the new GM say, promising a leaner lineup of four brands and just 25 models by 2011.

But automotive analysts quoted by Advertising Age say that's a good start, but critics say the automaker's weight loss plan needs more fiber and less frosting. First, the still-huge GM hasn't enough cash to properly market even four divisions, one expert says, citing Honda-Acura, Toyota-Lexus and Nissan-Infiniti as examples to follow. Three analysts recommend GM hold on to just Cadillac as the premium brand and Chevrolet as the mainline marque.

Then there's the company's marketing plan. Dump the GM name from ads, analysts told AdAge, and just sell the cars. "They shouldn't even identify themselves as GM. People don't buy GM cars; they buy Cadillacs and Chevys, and that's what they ought to be talking about," auto consultant Maryann Keller tells AdAge.

AutoPacific's president George Peterson has another issue with GM's marketing strategy. He points out that the company spent more than $100 million to launch the new Chevy Malibu in 2007, but it hasn't advertised the car in nearly a year. "It seems like they are going back to their old ways," Peterson said.

[Source: Advertising Age]

Continue reading Analysts: Say hello to the new GM, same as the old GM [w/VIDEO]

Analysts: Say hello to the new GM, same as the old GM [w/VIDEO] originally appeared on Autoblog on Mon, 17 Aug 2009 11:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>adageadage.comadvertisingadvertising ageadvertisingageautopacificgmmarketingmarketing strategyMarketingStrategynew gmNewGmMon, 17 Aug 2009 11:30:00 EST http://www.autoblog.com/feed/19130939/article-comments.xml http://www.autoblog.com/feed/2009/08/17/analysts-say-hello-to-the-new-gm-same-as-the-old-gm-w-video/19130939/article-detail.xml 19130939 http://www.blogcdn.com/www.autoblog.com/media/2009/06/gmrestructuringcom_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/06/gmrestructuringcom_opt.jpg <![CDATA[The Greenwash to End All Greenwashing? GM reportedly pondering changing logo color]]>http://www.autoblog.com/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/http://www.autoblog.com/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/http://www.autoblog.com/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/#commentsFiled under: , ,


2010 Chevy Spark - Click above for high-res image gallery

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 square logo could become green. No, really.

While no official decision has yet been made, insiders are saying that the background color change is being considered, "in an effort to show consumers that it is leaner and greener, more focused on fuel efficiency and better able to make quick decisions," says MSNBC.

The fuel efficiency meaning of a possible new green logo is easy to understand and the "quick decisions" part reflects a new GM that will likely have 35 percent fewer executives to go along with fewer employees overall. More announcements on these issues and the fate of the Spark minicar could come tomorrow, when GM is expected to emerge from bankruptcy.

The real color change that GM needs to make, of course, is a shift from red to black - but that's significantly harder than swapping pixels in a logo.


Gallery: Geneva 2009: Chevy Spark


[Source: MSNBC | Logo Image: Adam Morath/AOL]

The Greenwash to End All Greenwashing? GM reportedly pondering changing logo color originally appeared on Autoblog on Thu, 09 Jul 2009 10:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>emblemgeneral motors green logogeneral motors logoGeneralMotorsGreenLogoGeneralMotorsLogogmgm bankruptcygm greengm green logogm logoGmBankruptcyGmGreenGmGreenLogoGmLogogreen gmgreen logo goGreenGmGreenLogoGoiconographylogonew gmNewGmThu, 09 Jul 2009 10:27:00 EST http://www.autoblog.com/feed/19091900/article-comments.xml http://www.autoblog.com/feed/2009/07/09/the-greenwash-to-end-all-greenwashing-gm-reportedly-pondering-c/19091900/article-detail.xml 19091900 http://www.blogcdn.com/www.autobloggreen.com/media/2009/06/spark-2-580-2c_thumbnail.jpg http://www.blogcdn.com/www.autobloggreen.com/media/2009/06/spark-2-580-2c.jpg <![CDATA[REPORT: Federal bankruptcy court expected to rule on "New GM"]]>http://www.autoblog.com/2009/06/30/report-federal-bankruptcy-court-expected-to-rule-on-new-gm/http://www.autoblog.com/2009/06/30/report-federal-bankruptcy-court-expected-to-rule-on-new-gm/http://www.autoblog.com/2009/06/30/report-federal-bankruptcy-court-expected-to-rule-on-new-gm/#commentsFiled under: , ,



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 desirable assets (think: Chevrolet, Cadillac, GMC, Buick) to "New GM" and jettison various debts and negative assets by consigning them to "Old GM," which would be liquidated. If it succeeds in winning court approval, GM will receive billions in U.S. Treasury funding.

Before it can open the Fed's piggy bank, however, GM must weather challenges from bondholders and disgruntled consumers involved in certain types of product liability lawsuits. Industry watchdogs believe that both GM and the Obama administrations auto task force have learned from Chrysler's bankruptcy machinations, which could accelerate the process. For more details on today's proceedings, check out the link below. Thanks for the tip, Michael!

[Source: Reuters via Yahoo | Image: Michael Heiman/Getty]

REPORT: Federal bankruptcy court expected to rule on "New GM" originally appeared on Autoblog on Tue, 30 Jun 2009 10:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto task forceAutoTaskForceBad GMBadGmbankruptcyChapter 11Chapter11GMGood GMGoodGmJudge GerberJudgeGerberNew GMNewGmobamaOld GMOldGmRobert GerberRobertGerberTue, 30 Jun 2009 10:57:00 EST http://www.autoblog.com/feed/19082471/article-comments.xml http://www.autoblog.com/feed/2009/06/30/report-federal-bankruptcy-court-expected-to-rule-on-new-gm/19082471/article-detail.xml 19082471 http://www.blogcdn.com/www.autoblog.com/media/2009/06/gm-ren-cen-multiflag-getty-580_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/06/gm-ren-cen-multiflag-getty-580.jpg <![CDATA[New GM will take on future product liability claims, but not the current ones, against Old GM]]>http://www.autoblog.com/2009/06/28/new-gm-will-take-on-future-product-liability-claims-but-not-the/http://www.autoblog.com/2009/06/28/new-gm-will-take-on-future-product-liability-claims-but-not-the/http://www.autoblog.com/2009/06/28/new-gm-will-take-on-future-product-liability-claims-but-not-the/#commentsFiled under: ,



A consumer group representing people who currently have product liability claims against GM and Chrysler looks like it won't be getting much, if any, restitution. When GM went into bankruptcy, it still planned to deny any liability claims -- ones that came up today, for instance -- when the new GM was formed. In a reversal meant to quell resistance from that consumer groups and state officials, New GM has agreed to assume liability for future claims on products made by Old GM.

The consumer group said, "The fact that 'New GM' will protect consumers injured by defective 'Old GM' cars is a positive development for public safety." The key word in this is "future;" new GM won't be responsible for any of the currently pending claims -- those that the consumer group is really fighting over, and that will still be addressed by old GM. Also, no date was given for when the "future" begins, so there is still a fair bit of clarity left to get on this issue.

[Source: Yahoo!]

New GM will take on future product liability claims, but not the current ones, against Old GM originally appeared on Autoblog on Sun, 28 Jun 2009 14:11:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gmgovernmentlegalliabilityliability claimsLiabilityClaimsnew gmNewGmold gmOldGmproduct liabilityProductLiabilitySun, 28 Jun 2009 14:11:00 EST http://www.autoblog.com/feed/19080495/article-comments.xml http://www.autoblog.com/feed/2009/06/28/new-gm-will-take-on-future-product-liability-claims-but-not-the/19080495/article-detail.xml 19080495 http://www.blogcdn.com/www.autoblog.com/media/2009/06/gm_liability_cl_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/06/gm_liability_cl.jpg <![CDATA[Former AT&T chief Edward Whitacre, Jr. named chairman of New GM]]>http://www.autoblog.com/2009/06/09/former-atandt-chief-edward-whitacre-jr-named-chairman-of-new-gm/http://www.autoblog.com/2009/06/09/former-atandt-chief-edward-whitacre-jr-named-chairman-of-new-gm/http://www.autoblog.com/2009/06/09/former-atandt-chief-edward-whitacre-jr-named-chairman-of-new-gm/#commentsFiled under: ,

A new General Motors needs new leadership. So following the replacement of former CEO Rick Wagoner with Fritz Henderson, the General has announced its new incoming chairman: Edward E. Whitacre, Jr.

Whitacre is perhaps best known for his seventeen-year tenure as chairman and chief executive of AT&T, overseeing mergers and expansions that made AT&T the largest telecom company in America. He holds a degree in industrial engineering from Texas Tech, and also serves on the boards of ExxonMobil and BNSF Railway.

Whitacre will take over from interim chairman Kent Kresa once the bankruptcy proceedings wrap up and New GM is launched, at which point several of the current board members will remain, six will depart and a new crop of directors will join the board over which Whitacre will preside. Details in the press release after the jump.

[Source: General Motors | Image: Mark Wilson/Getty]

Continue reading Former AT&T chief Edward Whitacre, Jr. named chairman of New GM

Former AT&T chief Edward Whitacre, Jr. named chairman of New GM originally appeared on Autoblog on Tue, 09 Jun 2009 13:00:00 EST. Please see our terms for use of feeds.

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