Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Let's Make a Deal: Chrysler, Canadian Auto Workers agree on union concessions]]>http://www.autoblog.com/2009/04/25/lets-make-a-deal-chrysler-canadian-auto-workers-agree-on-unio/http://www.autoblog.com/2009/04/25/lets-make-a-deal-chrysler-canadian-auto-workers-agree-on-unio/http://www.autoblog.com/2009/04/25/lets-make-a-deal-chrysler-canadian-auto-workers-agree-on-unio/#commentsFiled under: , , ,



The April 30th deadline to reorganize looms larger by the second, and Chrysler is scrambling to make deals that could theoretically help it stave off a bankruptcy filing next week. For that to happen. Chrysler needs to get concessions from labor unions and lenders that make the financial situation palatable enough for Fiat to step in and make the automaker "financially viable" in the eyes of the President's auto industry task force. To that end, it appears that the contentious situation north of the border between the automaker and the Canadian Auto Workers union has ended in an agreement -- not that the CAW brass sounds particularly happy about it. Follow the jump for the rundown of what the proposed deal entails.

Continue reading Let's Make a Deal: Chrysler, Canadian Auto Workers agree on union concessions

Let's Make a Deal: Chrysler, Canadian Auto Workers agree on union concessions originally appeared on Autoblog on Sat, 25 Apr 2009 10:22:00 EST. Please see our terms for use of feeds.

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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 industry, President Obama made it abundantly clear at the end of March that this meant a Fiat deal needed to be in place within 30 days, otherwise it's basically curtains for Chrysler as we all know it. Without the inter-continental partnership, bankruptcy is a lock. It's just a matter of which number follows the letter C.

Complicating matters further for Auburn Hills is the fact that the Fiat deal is by no means guaranteed, either. This week, Fiat CEO Sergio Marchionne said that taking a stake in Chrysler is only a 50-50 proposition right now, and that for a deal to happen, Chrysler's labor costs would need to be cut down to a point where they're in line with the Asian and European transplant automakers, who happen to run non-union shops. With the April 30th deadline hanging over Bob Nardelli and co. like the Sword of Damocles, the Chrysler execs made a plea for concessions from the Canadian Auto Workers via a letter delivered yesterday. These include cost-saving reductions in health and prescription coverage, the elimination of life insurance, and the elimination of other "non-traditional" benefits such as tuition reimbursement, among other things. (A copy of the letter is pasted after the jump.) The letter also includes dire language that essentially states the concessions are required for the company's survival.

The Windsor Star reports that the letter was not well received by some CAW workers at the Windsor, Ontario assembly plant, who responded to it by gathering outside at lunch hour on Friday, whereupon they proceeded to burn the letters during an impromptu rally. And so the stage is set for what are sure to be contentious negotiations between Chrysler and union brass, which are set to begin on Monday. As Bob Nardelli and Tom LaSorda said in their letter to the CAW rank-and-file: "The clock is running."

[Source: The Windsor Star]

Continue reading Chrysler brass sends letter asking CAW workers for concessions. Workers burn it.

Chrysler brass sends letter asking CAW workers for concessions. Workers burn it. originally appeared on Autoblog on Sat, 18 Apr 2009 09:51:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutcawchryslerconcessionsreorganizationrestructuringSat, 18 Apr 2009 09:51:00 EST<![CDATA[TRUST successfully reorganized in Japan, GReddy in the U.S. churning along]]>http://www.autoblog.com/2009/03/12/trust-successfully-reorganized-in-japan-greddy-in-the-u-s-chur/http://www.autoblog.com/2009/03/12/trust-successfully-reorganized-in-japan-greddy-in-the-u-s-chur/http://www.autoblog.com/2009/03/12/trust-successfully-reorganized-in-japan-greddy-in-the-u-s-chur/#commentsFiled under: , ,



This past September, Trust Co. LTD - the parent company of GReddy Performance Products in the U.S. - declared the Japanese equivalent of Chapter 11. According to a release from the aftermarket parts supplier, Trust has successfully completed the reorganization process (known in Japan as Minji-Saisei-Hou) and is hoping to be completely back on its feet within the next few months. During the reorganization, both Trust and GReddy have maintained its workforce here and abroad, developed new components, continued to produce parts and serviced its clients around the world. While we're happy to hear about GReddy's future involvement in the aftermarket, this won't be the first or last filing from a performance part supplier as the auto-apocalypse continues.

Continue reading TRUST successfully reorganized in Japan, GReddy in the U.S. churning along

TRUST successfully reorganized in Japan, GReddy in the U.S. churning along originally appeared on Autoblog on Thu, 12 Mar 2009 18:03:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptbankruptciesbankruptcybankruptcy courtBankruptcyCourtgreddyMinji-Saisei-HoureorganizationtrustThu, 12 Mar 2009 18:03:00 EST<![CDATA[Saab files for bankruptcy in Swedish courts, wants $1B]]>http://www.autoblog.com/2009/02/20/saab-files-for-bankruptcy-in-swedish-courts-wants-1b/http://www.autoblog.com/2009/02/20/saab-files-for-bankruptcy-in-swedish-courts-wants-1b/http://www.autoblog.com/2009/02/20/saab-files-for-bankruptcy-in-swedish-courts-wants-1b/#commentsFiled under: ,

General Motors confirmed this morning that Saab's days as a part of the Detroit-based company are numbered. The Swedish brand has filed paperwork with courts in its home country for reorganization that would lead to its independence. This self-managed reorganization is analogous to the U.S. Chapter 11 bankruptcy process, and would lead to the establishment of an independent entity based in Sweden. In order for that to happen, however, GM needs to line up financing for the new company, which may be problematic. Automotive News reports that as much as $1 billion may be needed to make Saab sustainable on its own.

GM plans to concentrate Saab's engineering, design and manufacturing operations back in Sweden. The brand plans to launch three new products between now and mid 2010: the new 9-3X, 9-5 and 9-4X. The first two are already set to be produced in Sweden, but the new 9-4X crossover was scheduled to be built in Mexico alongside the Cadillac SRX. The Swedish government has already rejected a GM request for funds, so the money will have to come from somewhere else. The official press release from GM can be read after the jump.

[Source: General Motors]

Continue reading Saab files for bankruptcy in Swedish courts, wants $1B

Saab files for bankruptcy in Swedish courts, wants $1B originally appeared on Autoblog on Fri, 20 Feb 2009 08:33:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptbankruptciesbankruptcybankrutpcybreakingreorganizationsaabsaab bankruptcysaab reorganizationSaabBankruptcySaabReorganizationFri, 20 Feb 2009 08:33:00 EST<![CDATA[Opinion: What should happen to Saturn, Vauxhall and Opel during GM's reorganization?]]>http://www.autoblog.com/2009/01/05/what-will-happen-to-saturn-vauxhall-and-opel-during-gms-reorga/http://www.autoblog.com/2009/01/05/what-will-happen-to-saturn-vauxhall-and-opel-during-gms-reorga/http://www.autoblog.com/2009/01/05/what-will-happen-to-saturn-vauxhall-and-opel-during-gms-reorga/#commentsFiled under: , , , , , , ,



Amidst all the recent bailout talk, one question being asked is what role GM's Opel division will serve in a new-and-hopefully-improved General Motors. More succinctly, will Vauxhall and Saturn soldier on unchanged or will they simply fade into automotive landscape? Automotive News seems to think the question of Opel and how it relates to Vauxhall and Saturn is so important that it's worth devoting three separate editorials to the issue, with varying levels of clarity.

Continue reading Opinion: What should happen to Saturn, Vauxhall and Opel during GM's reorganization?

Opinion: What should happen to Saturn, Vauxhall and Opel during GM's reorganization? originally appeared on Autoblog on Mon, 05 Jan 2009 16:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutgm bailoutgm bankruptcyGmBailoutGmBankruptcyopelreorganizationrestructuringvauxhallMon, 05 Jan 2009 16:01:00 EST<![CDATA[Tesla reorganized, fired founder Eberhard upset]]>http://www.autoblog.com/2008/01/13/tesla-reorganized-fired-founder-eberhard-upset/http://www.autoblog.com/2008/01/13/tesla-reorganized-fired-founder-eberhard-upset/http://www.autoblog.com/2008/01/13/tesla-reorganized-fired-founder-eberhard-upset/#commentsFiled under: , ,

Michael Corleone said it best, "It's not personal, it's business." There's been a lot of turmoil in the Silicon Valley hills lately as the Tesla Motors saga continues. Departed founder Martin Eberhard reports on his blog at TeslaFounders.com that the reorganization has been a "bloodbath" and questions the wisdom of the corporate machinations. Tesla's Daryl Siry contends that the company needed to tighten up its organization and refocus on the goal of actually delivering cars versus burning investment dollars. It's a lot like what went on in the nascent personal computer industry 30 years ago: a passionate team of visionaries assembles around a common ideal, and eventually it becomes a business, at which point pain ensues prior to success, or failure occurs. Tesla intends to remain independent, and now wants to move forward with solving delivery holdups.

[Source: AutoblogGreen]

Tesla reorganized, fired founder Eberhard upset originally appeared on Autoblog on Sun, 13 Jan 2008 12:13:00 EST. Please see our terms for use of feeds.

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