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28 May 2009 10:06

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Biz, U.S.: GM may not be completely screwed after 9th-inning agreement

  • Bondholders have accepted an amended agreement. After looking completely screwed yesterday due to a failed bond agreement, GM proved, like a phoenix rising out of the ashes, that it still had some fight in them. The company, teetering on bankruptcy, convinced bondholders to agree to a revised plan in which they’d receive a 10 percent equity stake. It may not be enough to save them, but you have to give them high-fives for the effort. source
Posted by Ernie Smith • 0 Comments • Permalink

27 May 2009 22:47

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Biz: Who will own the new Chrysler when it’s ready to go?

  • Chrysler will be largely employee-owned, with a retiree-owned trust getting 55% of the new company. source
  • The company whose initials stand for “fix it again, Tony” will own 20%, and could have 35% over time. source
  • Finally, taxpayers from the U.S. and Canada will be happy to know that they own a minority stake in Chrysler. source
Posted by Ernie Smith • 0 Comments • Permalink

27 May 2009 22:18

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Biz: If you work for GM and got paid early, that was no accident

  • Let’s pretend everything’s OK, guys! General Motors is trying to calm rattling nerves of workers by assuring them they’ll still get paid in a bankruptcy. So they decided to pay their employees early this week. “This was purely psychological,” said GM spokesman Tom Wilkinson. “Everybody is just very anxious.” We’re sure this will make up for the forthcoming factory shutdowns. source
Posted by Ernie Smith • 6 Comments • Permalink

27 May 2009 11:02

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Biz, U.S.: The near-bankrupt General Motors is generally screwed

  • They failed to convince bondholders to convert their claims to stock. General Motors is a huge company and it’s the kind of company that should just not fail, ever, but unfortunately they may be past the point of no return. The corporation needed to convince 90% of bondholders that their valuable GM bonds could convert to valuable GM stock. Now, running low on options, they will probably run into the June 1 deadline head-first, like a car crashing into a building on purpose. Don’t you love this country? source
Posted by Ernie Smith • 0 Comments • Permalink

23 May 2009 11:51

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Biz, U.S.: Obama thinks GM will come back strong after reorganization

  • Ultimately, I think that GM is going to be a strong company and we are going to be pulling out as soon as the economy recovers and they’ve completed their restructuring.
  • President Barack Obama • Who did not refer to the likely bankruptcy the company faced to complete that restructuring in his comments on the automaker. *Sigh* he wouldn’t care so much if the company hadn’t been so essential to the last 100 years of our country’s growth. • source
Posted by Ernie Smith • 0 Comments • Permalink

14 May 2009 21:20

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Biz: Thought the Chrysler dealer cuts were bad? Check out GM’s.

  • 2,500 dealers will get no deals anymore; that’s 42% source
Posted by Ernie Smith • 0 Comments • Permalink

14 May 2009 12:04

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Biz: The quick, painful decay of Chrysler continues

  • 789 dealerships, or a quarter of its dealers, are going away source
Posted by Ernie Smith • 0 Comments • Permalink
 

01 May 2009 19:53

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Biz: Here’s an ultra-depressing number from Chrysler

Posted by Ernie Smith • 0 Comments • Permalink

27 Apr 2009 09:11

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Biz: A lot of people will lose their jobs at GM very soon

  • 23,000 jobs will go away by 2011. Yikes. source
Posted by Ernie Smith • 0 Comments • Permalink

24 Apr 2009 10:27

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Biz: Ford desperately tries not to waver into bailout realm

  • -75¢ The per-share loss that Ford had last quarter. That loss, which is $1.8 billion, is far less than analysts expected. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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