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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 19:10

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Biz, U.S.: GM keeps needing money and the U.S. Treasury keeps giving it

  • $4 billion more in another bandage prior to bankruptcy 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

22 May 2009 19:10

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Biz: General Motors is between a rock and a bankrupt place

  • $27 billion Amount of debt the company, heading towards bankruptcy, owes its bondholders source
Posted by Ernie Smith • 0 Comments • Permalink
 

15 May 2009 20:47

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Biz, Politics: So, what’s next for GM’s laid-off dealers?

  • Good question. Maybe I’ll become a newspaper guy. I’ve been very fortunate. My kids are grown, college is done, weddings are done. I worry about my employees, though.
  • Chevy dealership owner Frank Videon • Who found out today that, after 53 years in the auto industry, GM was pulling the plug on his dealership. Regarding the newspaper thing: Haha, nice answer … jerk. (But we admit, we deserve it.) • 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

08 May 2009 14:25

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Biz, U.S.: Jerks causing Chrysler bankruptcy drama stop being jerks

  • The fact simply is … our group has become too small to have a voice within the bankruptcy.
  • Stairway Capital Management • In a statement about leaving the small group of “Non-TARP Lenders,” which complicated Chrysler’s life and helped lead to their bankruptcy. Larger fund OppenheimerFunds Inc. also backed down, leaving a much smaller group of investors opposed to the Obama administration’s plan to restructure the automaker’s debt. • source
Posted by Ernie Smith • 0 Comments • Permalink
 
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