Latest General Motors Corp. Stories

2009-04-12 22:30:00

U.S. officials are working with General Motors Corp. on a surgical bankruptcy filing if GM is unable to reorganize before a June deadline, sources said. Citing people who have been briefed on the matter, The New York Times reported Sunday that members of President Barack Obama's automotive task force met last week, and plan to continue meeting this week, with GM officials and advisers to prepare for a possible bankruptcy filing by June 1. GM is trying to negotiate concessions from bondholders...

2009-04-11 08:15:00

Standard & Poor's says it has lowered its ratings for Chrysler LLC and General Motors debt, saying investors can expect less payback from the U.S. automakers. S&P Friday said because of pressure being exerted on the automakers by the White House to reach deals, investors in Chrysler's $7 billion in first-lien loans, mostly held by major banks and institutions, can expect a payout of 30 cents to 50 cents on the dollar if the automaker files for bankruptcy, The Wall Street Journal...

2009-04-10 09:20:05

The U.S. government is pressing creditors to accept cuts in General Motors Corp. and Chrysler LLC debt to avoid automaker bankruptcies, sources said. Sources told The Wall Street Journal that the U.S. Treasury considered a previous GM offer to bondholders of about $8.5 billion in cash and new debt and 90 percent of the company stock too generous. At Chrysler, the government is pressing creditors, who are owed nearly $7 billion, to accept about 85 percent of that, the Journal said. But, some...

2009-04-09 09:02:53

The U.S. Treasury Department said it was ready to advance funds to General Motors Corp. and Chrysler LLC to keep part suppliers in operation. GM was to receive $2 billion and Chrysler $1.5 billion that would act, essentially, as a line of credit for suppliers that need to keep finances flowing while the industry struggles through a severe downturn, The Washington Post reported Thursday. Suppliers often wait up to 60 days for payments from automakers. In the interim, suppliers normally borrow...

2009-04-07 14:02:50

Struggling U.S. automaker General Motors Corp. took a new two-seat, electric-powered vehicle dubbed P.U.M.A. to New York for quick spin Tuesday. The company is developing the small electric vehicle, capable of hitting 35 mph and running for 35 miles on a single charge, with Segway Inc., makers of the Personal Transporter. Officially, the Personal Urban Mobility and Accessibility Project -- or Project P.U.M.A.-- could revolutionize city travel, GM and Segway said in a joint statement. It could...

2009-04-01 06:35:00

The U.S. government's plan for General Motors Corp, includes a bankruptcy process that breaks GM into good and bad components, sources said. The government is calling the process a controlled bankruptcy, The New York Times reported Wednesday. GM's new Chief Executive Officer Fritz Henderson has said the company will come through inside court or outside of it. But, Tuesday in Detroit, Henderson said the company had until June 1 to chart its course. By no later than June 1, if we're not able...

2009-03-31 16:34:04

The new chief executive officer at General Motors Corp. said Tuesday the company would cover car payments for some buyers who lose their jobs. On his second day as GM chief, Frederick Fritz Henderson announced the company would match a program announced by Ford Motor Co. earlier in the day, at least in terns of intent, The New York Times reported Tuesday. GM Total Confidence would give customers who lose their jobs up to nine payments with a ceiling of $500 a month without a negative...

2009-03-31 10:40:31

A key lobbyist for the banking industry said the U.S. government's move to replace General Motors Corp.'s top executive raised a red flag for bankers. After the government forced GM's Chairman and Chief Executive Officer Richard Wagoner out of his job Monday, is their a heightened risk for the Obama administration, to replace other executives at financial firms that have received bailout loans? Scott Talbott at the Financial Services Roundtable asked. I think you'd have to conclude that the...

2009-03-31 08:41:37

Global stock markets looked to recover from a tumultuous Monday, in which U.S. automobiles took center stage, derailing a recent comeback in equities. The dust hasn't settled yet. U.S. President Barack Obama's task force for the automobile industry gave General Motors Corp. 60 days to pull a rabbit out of a hat or something equally unlikely: Find concessions from debt holders and union workers, that have been elusive. At the same time, Chrysler LLC was given 30 days to reduce debt and form a...

2009-03-31 07:15:00

The U.S. government's interventions in the automobile industry were unprecedented and long overdue, a longtime critic of General Motors Corp. said. It should have happened years ago, said Mary Anne Keller, who once wrote an article called Dull at Any Speed, that summed up GM's problems as having forgotten how to make cars that people want to buy. The government's rejection of GM and Chrysler LLC's financial viability plans -- holding off on loans until they complied with new directives -- put...

Latest General Motors Corp. Reference Libraries

General Motors Headquarters, Detroit, Michigan
2014-04-13 09:20:18

General Motors Company (GM) is an American automobile manufacturer located in Detroit Michigan. They also control multinational manufacturers around the globe. They design, produce, market and distribute vehicles and parts, as well as selling financial services. GM has ten brands of vehicles produced in 37 countries. They include, Chevrolet, Buick, GMC, Cadillac, Opel, Holden, Vauxhall, Wuling, Baojun, Jie, Fang and UZDaewoo. GM does business with 157 different countries and employees...

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Word of the Day
  • A 'bachelor seal'; a young male seal which is prevented from mating by its herd's older males (mated bulls defending their territory).
This comes from the Russian word for 'bachelors.'