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restructuring

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    Report: Detroit's new emergency city manager worked on Chrysler bankruptcy [w/video]
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    Kevyn Orr, the new emergency city manager of Detroit, has a history with one of Michigan's most famous residents: Chrysler. Governor Rick Snyder (at right) appointed Orr to the position yesterday with the belief that Detroit needs outside assistance to right the city's mounting financial ...

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    Report: GM headed for another big overhaul?
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    We talk a lot about global platforms and global powertrains, but the truly global corporation is much stronger in idea than in practice. General Motors CEO Dan Akerson is the latest to take a stab at creating a truly international company, preparing to stir up the entire organization with ...

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    Report: GM Europe headed for another restructuring after disappointing losses
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    General Motors is having a hard time nailing down its European operations. The automaker reported its first-quarter earnings slid by $1 billion, down from $3.2 billion in the first quarter of last year. The drop was partially attributable to a one-time loss that included changes in accounting for ...

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    GM updates state of Saturn, potential buyers being reviewed
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    General Motors is busy putting the finishing touches on its third (or is it fourth?) viability plan, part of which involves the sale or shut down of the Saturn division. While many were expecting GM to close down Saturn, GM has released a press release to tell the world that the fledgling marquee ...

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    REPORT: GM to shed 1,600 white-collar jobs by May 1
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    According to General Motors spokesman Tom Wilkinson, the struggling automaker will shed 1,600 white-collar jobs by May 1 as part of its continuing restructuring efforts. The cuts, which are scheduled to begin this week, are part of a larger action to shed 3,400 white-collar jobs this year.Details ...

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

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

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    GM to follow Ford and restructure its restructuring
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    Following a slew of labor problems including the American Axle strike that cost an estimated $2 billion, General Motors is restructuring to accommodate the declining U.S. auto market. Following the lead of Ford and Chrysler, the move will likely include further cost cutting and layoffs, as ...

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    Ford firing letting go up to 12% of salaried workers
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    Perhaps 'fired' is the wrong word, as that does imply that these white collar workers did something wrong. The only thing some 12% of Ford's salaried workforce did wrong is get hired by a company that dug itself into a hole relying on strong truck and SUV sales during the 1990s. Now, with consumers ...

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    GMAC restructuring will shed 930 jobs from financing branch
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    Two days ago we told you about Cerberus head Stephen Feinberg's rather sanguine thoughts on Chrysler. Cerberus' other big auto investment, GMAC, is having a few issues of its own. Last year GMAC's auto lending division posted a profit of $1.77 billion, but losses in the mortgage loan division ...

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    Delphi, GM, UAW come to an agreement
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    Delphi, the UAW, and GM have come to an accord. Pending approval by UAW members and federal bankruptcy court, it would mean that Delphi can focus on the other pressing matters in front of it after spending two years in bankruptcy. The deal would require a one-time payout from GM, in return for ...

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    Ford's cost of recovery: Over $11 Billion for accelerated restructuring
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    In a filing with the Securities and Exchange Commission that surfaced yesterday, Ford estimated that it the accelerated restructuring plan announced last September will cost $11.2 billion when the books are finally balanced. In other words, it will cost Ford$11.2 billion to let go of 38,000 hourly ...

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    Chrysler Group announces Recovery and Transformation plan
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    var digg_url = 'http://www.digg.com/business_finance/Chrysler_Group_comes_up_with_plan_to_save_company_or_be_sold_off'; Project X has now officially been renamed the Recovery and Transformation plan by the Chrysler Group, which plans to reduce its workforce by 13,000 people between now and 2009. ...

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    Chrysler's "Project X" calls for 10,000 jobs cuts, two closed plants
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    We have more details on the rumored restructuring plan that the Chrysler Group is expected to announce on February 14th. First, it's dubbed internally as "Project X", which must mean it involves chimpanzees and large doses of radiation. In addition to radiated chimps (we're kidding, click the link ...

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    Fiat puts the Auto in Autonomy
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    Changes are coming to the family as the Fiat automotive empire alters its structure to give several of its divisions more autonomy. While the Lancia, Alfa Romeo, Fiat auto and Fiat light commercial vehicles have all been divisions within the same corporate hierarchy (not unlike the structure at its ...

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    Chrysler to present restructuring plan in February
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    Chrysler Group CEO Tom LaSorda travelled to DaimlerChrysler's headquarters in Stuttgart, Germany, last Wednesday to present a restructuring plan to the company's management board. The Detroit News reports that the plan will involve job cuts and and the closing of at least two plants in the U.S. The ...

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    Ford buyouts start next week
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    Ford Motor announced Monday that it will make its planned buyout package available to all of its 75,000 hourly workers starting October 16.The company-wide plan follows previous efforts to cut jobs on a plant-by-plant basis, as the company shoots for its goal of cutting 30,000 hourly jobs by the ...

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    Delphi dumping unprofitable contracts with GM
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    It's been a year since Delphi filed for Chapter 11 bankruptcy protection, and the supplier is still trying to find ways to return to profitability. One of the things it's identified as a way to get back into the black is ridding themselves of unprofitable contracts with General Motors. They have ...

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    BREAKING: Ford slashes production
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    As part of its accelerated "Way Forward" turnaround strategy, Ford Motor announced today that it will cut North American production by 21 percent (168,000 vehicles) in the fourth quarter of this year. Third quarter production will by cut by 20,000 units.The result will be a 9 percent reduction in ...

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    Analyst gives bump to Ford; says GM nearing end of its upward run
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    An analyst with Bear Stearns delivered an interesting assessment of the domestic automakers today, stating that Ford's credit rating deserves a boost on the basis of its upcoming expected turnaround performance. The stock's rating was cranked up two notches from "underperform" to "overperform", and ...

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