Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: GM to get $5B, Chrysler $500M from gov't]]>http://www.autoblog.com/2009/04/21/report-gm-to-get-5b-chrysler-500m-from-govt/http://www.autoblog.com/2009/04/21/report-gm-to-get-5b-chrysler-500m-from-govt/http://www.autoblog.com/2009/04/21/report-gm-to-get-5b-chrysler-500m-from-govt/#commentsFiled under: , , , ,



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 come in the form of short-term aid via the $700B Troubled Asset Relief Program (TARP). One group we know won't be taking any additional TARP money is Chrysler Financial, allegedly refusing an additional $750M over restrictions on executive compensation included in the agreement.

Reading through the report a bit, The Detroit News also discovered some additional figures. The report says that the Treasury Department has already spent $24.8B on the automotive portion of their program (out of $25B allotted). Of that amount, $13.4B has gone to GM, $4B to Chrysler, almost $6B to GMAC and $1.5B to Chrysler Financial. An additional $1.25B will be used to pay for that warranty guarantee program designed to back the warranties of GM and Chrysler vehicles should either company go under.

There has been no confirmation from Washington yet, but you can bet we'll report it when it becomes official.

[Source: The Detroit News]

REPORT: GM to get $5B, Chrysler $500M from gov't originally appeared on Autoblog on Tue, 21 Apr 2009 09:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailoutbailoutsbreakingbreaking newsBreakingNewsdetroit 3detroit 3 bailoutDetroit3Detroit3Bailoutreporttarptarp fundtarp fundstarp moneyTarpFundTarpFundsTarpMoneytroubled asset relief programTroubledAssetReliefProgramTue, 21 Apr 2009 09:59:00 EST http://www.autoblog.com/feed/1523001/article-comments.xml http://www.autoblog.com/feed/2009/04/21/report-gm-to-get-5b-chrysler-500m-from-govt/1523001/article-detail.xml 1523001 http://www.blogcdn.com/www.autoblog.com/media/2009/04/ceoscrying_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/04/ceoscrying_opt.jpg <![CDATA[Deadline passes without word on critical GMAC bond-exchange vote]]>http://www.autoblog.com/2008/12/29/deadline-passes-without-word-on-critical-gmac-bond-exchange-vote/http://www.autoblog.com/2008/12/29/deadline-passes-without-word-on-critical-gmac-bond-exchange-vote/http://www.autoblog.com/2008/12/29/deadline-passes-without-word-on-critical-gmac-bond-exchange-vote/#commentsFiled under: , ,

GMAC, General Motors' finance arm, was granted bank holding status, but there is still no word on whether the bond buyback was successful. The deadline for GMAC to have converted enough of its bonds - said to be 75 percent - into $28 billion in liquidity was on Friday, December 26, at 11:59 p.m. In return for bondholders converting their bonds to those of lesser value, they would receive a higher dividend.

Two weeks ago, GMAC said it found a slew of new bondholders, but didn't say whether the new participants would put it above the threshold. Now more than two days past the deadline, GMAC has only said "We have not yet issued final results but intend to in the near term." This kind of silence usually means that things didn't go as planned, but other plans are afoot. While it's not impossible, we'd be shocked if GM had fulfilled The Fed's requirements by the deadline and chose to remain quiet about it.

After all, success for GMAC means success for GM. But bankruptcy for GMAC - which could happen without access to TARP funds - could mean something very close to doom for a lot of dealers and for GM. Our guess is that GMAC and The Fed are trying to figure out the best way forward, because it is certain that the government doesn't want to see its $17.4 billion dollar investment go bust because GM lost on a side bet less than a month later.

[Source: New York Times]

Deadline passes without word on critical GMAC bond-exchange vote originally appeared on Autoblog on Mon, 29 Dec 2008 13:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto bailoutAutoBailoutbank holding companyBankHoldingCompanybridge loanBridgeLoanearningsfinancialgmgmactarp fundtarpfundMon, 29 Dec 2008 13:28:00 EST http://www.autoblog.com/feed/1413128/article-comments.xml http://www.autoblog.com/feed/2008/12/29/deadline-passes-without-word-on-critical-gmac-bond-exchange-vote/1413128/article-detail.xml 1413128 http://www.blogcdn.com/www.autoblog.com/media/2008/12/gmac_bhs2_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/12/gmac_bhs2.jpg <![CDATA[Paulson: Automaker aid won't come from financial bailout money]]>http://www.autoblog.com/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/http://www.autoblog.com/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/http://www.autoblog.com/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/#commentsFiled under: ,



Some U.S. policymakers believe that the domestic auto industry needs a multi-billion $hot in the arm, but the sticking point seems to be where to find the funds. Rep. Barney Frank (D-Mass.) is calling for a portion of the financial sector's $700 billion TARP buyout to be apportioned to Detroit, but Treasury Secretary Henry Paulson doesn't like the sound of that at all. Instead, Paulson would like to see the automakers get the $25 billion they've already been promised, and suggests that it be made available as soon as possible. Of course, that money was supposed to go towards retooling the industry to make more fuel efficient cars, not necessarily as a cash-infusion to keep the Detroit 2.8 running. In any case, Frank has called for a meeting with the heads of each automaker in Washington next Wednesday to discuss whether a new loan for Detroit should be sectioned off from the TARP fund. This could get interesting.

[Source: Detroit Free Press, Photo by Alex Wong/Getty]

Paulson: Automaker aid won't come from financial bailout money originally appeared on Autoblog on Wed, 12 Nov 2008 17:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutbarney frankBarneyFrankdetroitdetroit 3detroit 3 bailoutdetroit bailoutDetroit3Detroit3BailoutDetroitBailouthank paulsonHankPaulsonhenry paulsonHenryPaulsonpaulsontarptarp fundTarpFundWed, 12 Nov 2008 17:58:00 EST http://www.autoblog.com/feed/1370065/article-comments.xml http://www.autoblog.com/feed/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/1370065/article-detail.xml 1370065 http://www.blogcdn.com/www.autoblog.com/media/2008/11/paulsonslowly_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/11/paulsonslowly_opt.jpg -1 2