Latest General Motors Corp. Stories

2009-05-31 20:56:40

General Motors Corp. is set to file for bankruptcy protection and restructure its operations under the control of the U.S. government, industry sources said. GM is expected to file for bankruptcy in New York Monday, and President Barack Obama is scheduled to deliver a speech Monday morning announcing his support of the action, The New York Times reported Sunday, citing sources with knowledge of GM's plans. GM's decision comes after a severe global economic turndown that led Chrysler LLC to...

2009-05-30 13:08:45

Canadian auto supplier Magna International and General Motors Corp. have reached an agreement to rescue German automaker Opel, officials said Saturday. German Finance Minister Peer Steinbrueck announced in Berlin that Magna will acquire a 20 percent stake in Opel while Russia's state-owned Sberbank and car maker GAZ will take a 35 percent slice, making the consortium a majority shareholder, RIA Novosti reported. We have an agreement, Steinbrueck said after a series of late-night negotiations...

2009-05-29 15:18:00

The United Auto Workers said members voted overwhelmingly to accept concessions with General Motors Corp. as the U.S. automaker moves toward bankruptcy. UAW members voted 74 percent in favor of the deal that includes giving up cost-of-living raises and performance bonuses and one paid holiday in 2010 and 2011. The deal also suspends tuition assistance and dental coverage, and reduces prescription drug coverage, the Detroit News reported Friday. It was a tough, but necessary vote, Local 599...

2009-05-29 12:37:21

Canadian auto supplier Magna International and General Motors Corp. have struck a tentative deal to rescue Opel in Europe, a source close to the talks said. Marathon negotiations that began Wednesday concluded with a $2.1 billion bridge loan that would keep Opel going in the event GM filed for bankruptcy, The New York Times reported Friday. The Detroit Free Press said GM board members were discussing a bankruptcy filing for Monday, the deadline for GM to come up with a new financial plan or...

2009-05-29 10:42:32

Eight union locals said they voted to support contract concessions with General Motors Corp. as the giant U.S. automaker heads toward bankruptcy. While the final tally on the United Auto Workers vote is expected at the end of the day, individual locals reported approvals that ranged from 70 percent at Local 602 in Lansing, Mich., to 88 percent at Local 1854 in Spring Hill, Tenn., The Detroit News reported Friday. It was a tough, but necessary vote, Local 599 leader Terry Everman in Flint,...

2009-05-28 13:50:00

U.S. consumer advocate Ralph Nader said taxpayer assistance for General Motors Corp. should not benefit its outsourced operations. Do we really want the United States of America to export its auto industry paid for by the taxpayer and unemployed workers to a dictatorship (in) a country like China? Nader said, CNN reported Thursday. As GM's North American and European operations struggle to survive the recession, the company's operation in China has prospered. GM is currently the third largest...

2009-05-28 11:36:01

An Ad Hoc Committee of General Motors Corp. bondholders said they would support a new government offer that increases their stake in a restructured GM. The Obama administration's new deal included offering creditors 10 percent of GM and warrants to allow them to increase their stake to 25 percent, the Detroit Free Press reported Thursday. In a statement, the committee, which represents about 20 percent of GM's outstanding debt, said, rejecting this offer in the expectation that the...

2009-05-28 07:34:38

Talks in Berlin failed to secure a loan that would allow General Motors Corp.'s European operations to continue if GM files for bankruptcy, officials said. German authorities were intent on securing a guarantee that about $2 billion in government aid would not be pulled out of the country if GM files for bankruptcy in the United States, The New York Times reported Thursday. The negotiations between the U.S. Treasury Department, GM, and German officials lasted through the night. Afterwards,...

2009-05-27 14:05:00

U.S. auto giant General Motors Corp. said shareholders had turned down its offer to swap $27 billion in debt for a 10 percent stake in the company. The principal amount of notes tendered was substantially less than the amount required by GM ... to meet debt reduction objectives, the company said, the Detroit Free Press reported Wednesday. The creditor's decision puts GM a step closer to declaring bankruptcy as the U.S. Treasury Department gave GM until June 1 to arrange a financial plan that...

2009-05-27 07:35:00

The U.S. and Canadian governments are set to own about 70 percent of General Motors Corp., people close to the recent deal-making said. In the latest bankruptcy plan, the government would loan GM about $30 billion -- on top of $19.5 billion already invested -- while the Canadian government would pitch in about $9 billion, The Washington Post reported Wednesday. The government's investment, however, could far exceed that by the time company is back on its own feet, the newspaper said. A deal...

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 large punch-bowl of the eighteenth century, usually of silver and with a movable rim, and decorated with flutings and a scalloped edge. It was also used for cooling and carrying wine-glasses.
  • A kind of cotton handkerchief having white spots on a colored ground, the spots being produced by a chemical which discharges the color.
This word is possibly named after Monteith (Monteigh), 'an eccentric 17th-century Scotsman who wore a cloak scalloped at the hem.'