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Tag Archives: Auto Bailout
Chrysler Lender Opposition Collapses
The organized lender opposition to Chrysler’s bankruptcy petition collapsed yesterday, paving the way for a quick restructuring for Chrysler, and a very fast exit from bankruptcy for the new company. The senior secured creditors had taken a legal hit with … Continue reading
Chrysler Goes Bankrupt
Chrysler Corp filed for bankruptcy yesterday, with the Administration unable to close a deal that would have averted the filing. And while the Administration is hopeful that the legal filing will expedite the emergence of a new Chrysler, shorn of … Continue reading
Auto Task Force Delivers a Harsh Verdict
The Obama Administration delivered a harsh verdict on the futures of G.M and Chrysler, calling for strong medicine before additional federal funding is provided. The Administration dismissed the current version of both companies plans for viability, saying that neither would … Continue reading
Posted in National News
Tagged Auto Bailout, Chrysler Viability Plan, General Motors Viability Plan
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Wagoner Forced Out at G.M.
With President Obama scheduled to talk tommorow about bailouts for both G.M. and Chrysler it was announced tonight that Rick Wagoner was stepping down as CEO of G.M., effective immediately. The news was leaked by White House sources, as was … Continue reading
G.M. Post 30 billion Dollar Loss
General Motors posted a $30.8 billion dollar loss for 2008, burning through over $6 billion in cash. The company will meet today with Obama Administration officials as it continues to struggle to restructure itself to try to return to profitability. … Continue reading
G.M. and Chrysler Ask for More Help
Both G.M. and Chrysler tonight filed plans required of them by the federal government pursuant to the loans they took back in December. In terms of the financial requests being made G.M. is seeking an additional $16.6 billion in federal … Continue reading