GM bondholders reject offer
Source says few GM bondholders were interested in a proposal to swap debt for stock – virtually guaranteeing a bankruptcy filing in the next few days.
UAW agrees to new GM deal
Union agrees with change in funding for retiree health care, one of key obstacles GM needed to clear to avoid bankruptcy. But other hurdles remain.
GM Follows in Chrysler’s Footsteps
By sara.behunek – The Big Money Topping today’s business press is the first round of dealership cuts coming from beleagured car maker General Motors (GM), news that comes on the heels of sweeping closures announced for Chrysler dealerships.
GM Nears Crucial Deal With UAW
By JOHN D. STOLL General Motors Corp., under the direction of the US Treasury, is near a deal that would cut its hourly labor costs by more than $1 billion a year and reduce its $20 billion pledge to the United Auto Workers to cover health-care …
AUTOMAKER OUT $6 BILLION IN 1Q GM loss shows risk of drawn-out …
BY TIM HIGGINS • FREE PRESS BUSINESS WRITER • May 8, 2009 General Motors Corp.’s dismal performance in the first three months of the year — revenues fell by half and the automaker burned through $10.2 billion in operating cash — shows why a …
GM posts loss; burns through $10 billion
By Kevin Krolicki and David Bailey DETROIT (Reuters) – General Motors Corp said it burned through $10.2 billion in the first quarter as it failed to cut costs fast enough to offset a sharp decline in global sales and was kept afloat by a federal …
Penske Interested In GM’s Saturn Brand – Sources
(Updates first nine paragraphs to include details of Penske’s interest in Saturn; adds closing share prices.) By Sharon Terlep Of DOW JONES NEWSWIRES DETROIT (Dow Jones)–Roger Penske, owner of the second-largest US auto retailer, has emerged as …
Chrysler’s Fall May Help Administration Reshape GM
Auto task force members, from left: Treasury’s Ron Bloom and Gene Sperling, Labor’s Edward Montgomery, and Steve Rattner. BY DAVID E. SANGER and BILL VLASIC WASHINGTON – Fresh from pushing Chrysler into bankruptcy, President Obama and his economic team …
US Stocks Lower; GM Weak, Industrials And Energy Cos. Rise
By Peter A. McKay and Kejal Vyas US stocks traded lower Friday as investors hoped for an economic recovery despite an April for US car sales that one BMW executive described as “more of a dust bowl than a spring garden.
GM CEO to provide update on restructuring plan
DETROIT (Reuters) – General Motors Corp Chief Executive Fritz Henderson is set to provide an update on Monday on the struggling automakers restructuring amid Obama administration demands that it move faster and cut deeper.