Latest General Motors Corp. Stories

2009-05-26 15:52:59

United Auto Workers leaders in Detroit said they tentatively approved a concessions agreement with General Motors Corp. that now goes to a ratification vote. Plant-level leaders who unanimously supported the deal said the union trust fund would take over GM's retirement healthcare responsibilities in exchange for 17.5 percent of the restructured company and representation on the company's board of directors, The Wall Street Journal reported Tuesday. On top of the stock valued at $6.5 billion,...

2009-05-26 07:55:00

Bankruptcy for U.S. automaker General Motors Corp. will likely generate hundreds of millions of dollars in lawyer fees, legal observers said. The number of lawyers working on the case, which could be filed this week, is hard to ascertain, but former United Auto Workers President Stephen Yokich, now deceased, quipped in 1995 that a GM bankruptcy would make 10 million lawyers $10 million apiece. To estimate the fees by comparison, the law firm Weil, Gotshal & Manges submitted a bill of $55...

2009-05-22 07:05:29

U.S. auto giant General Motors Corp. has struck a deal with union workers, but remains a critical hurdle away from avoiding bankruptcy, analysts said. The deal, which goes to a union vote, allows GM to finance half of a $20 billion retiree health benefit obligation with company stock, sources close to the talks said. Meanwhile, bondholders appear unlikely to agree to a current proposal of swapping about $27 billion in debt for shares at a ratio of 225 shares per $1,000 of debt. I think...

2009-05-22 07:58:51

Global markets skidded this week amid shaky news in Britain and the United States that reminded investors of the depth of the recession. The Federal Reserve Bank said Wednesday that U.S. economic growth would contract by up to 2 percent this year, a steeper decline than previously expected. In Britain, credit rating company Standard & Poor's left the country's rating untouched at the highest triple A level, but downgraded its confidence rating from stable to negative. In the same week,...

2009-05-21 11:50:00

A Saturn dealership in Florida has filed suit against General Motors Corp. for devaluing the brand by announcing it was up for sale, court papers say. The suit was filed by Saturn of Tallahassee, which is co-owned by former Detroit Piston Bob Sura, who played on the team in the 2003-04 season, The Detroit News reported Thursday. Court papers say GM's announcement made the dealership worthless. The dealership is looking for damages to make up for lost value and revenues. I think the...

2009-05-21 10:31:31

General Motors Corp. is leaning toward a deal to sell its German car producer Opel to Magna International Inc., sources close to the discussions said. GM favors the deal with the Canadian auto parts supplier over a bid submitted by Italy's Fiat SpA in part because of bad blood between GM and Fiat, The Detroit News reported Thursday. In 2005, Fiat demanded GM pay $2 billion when an option to buy the Italian auto company expired. Executives at GM still resent the outcome of that deal, the...

2009-05-21 08:45:47

Potentially thousands of small investors holding General Motors Corp. bonds have been left with a tough choice as the U.S. auto giant considers bankruptcy. For most corporations, about 1 percent of the bondholders are individual investors, sinking part or all of their life savings into a company. At GM, as many as a quarter of its creditors are in this category, The Los Angeles Times reported Thursday. Investors like former die caster Dennis Buchholtz, who bought $98,000 in GM bonds when he...

2009-05-20 13:00:00

Based on findings of CDC expert panel which used OnStar data DETROIT, May 20 /PRNewswire/ -- OnStar has developed an Injury Severity Prediction based on the findings of a Centers for Disease Control and Prevention expert panel which will allow OnStar advisors to alert first responders when a vehicle crash is likely to have caused serious injury to the occupants. Using a collection of built-in vehicle sensors, OnStar Automatic Crash Response system sends crash data to an advisor if the...

2009-05-15 10:08:54

U.S. auto giant General Motors Corp. said Friday it would severe ties with 1,100 car dealerships, a day after Chrysler cut 789 outlets. Susan Garontakos, spokeswoman for GM, the largest U.S. automaker, said the dealerships would have until October 2010 to close. But many are expected to close this year, CNNMoney.com reported. GM will pare down to 3,600 active dealerships, a 40 percent total reduction. Analysts said the move could push GM into a legal corner that makes bankruptcy inevitable....

2009-05-15 07:19:43

U.S. auto giant General Motors Corp. was expected to sever ties with 1,000 car dealerships Friday, a day after Chrysler cut 789 dealers, observers said. CBS News said GM, restructuring itself in the midst of a prolonged sales slump, would notify about one-sixth of its dealerships that they were no longer a viable option for the company. They would have until October 2010 to close, CBS said. Analysts said the move could push GM into a legal corner that makes bankruptcy inevitable. Closing...

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...

More Articles (1 articles) »
Word of the Day
  • The unit of magnetic flux density in the International System of Units, equal to the magnitude of the magnetic field vector necessary to produce a force of one newton on a charge of one coulomb moving perpendicular to the direction of the magnetic field vector with a velocity of one meter per second. It is equivalent to one weber per square meter.
This word is named for Nikola Tesla, the inventor, engineer, and futurist.