Kerkorian Offers $4.5 Billion For Chrysler

(NEWSER) - The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall Street Journal. Fiat will eventually own 35% of the stock, with taxpayers and creditors divvying up the remaining 10%. More»

(NEWSER) - Chrysler is preparing to file for bankruptcy as early as next week, the New York Times reports. The best-case scenario for survival: Chrysler will strike a deal with its lenders, file for bankruptcy protection to shed liabilities, then merge its strongest assets with Fiat. If those deals fall through, the company is looking at liquidation, the Wall Street Journal notes. The UAW has agreed in principle to the move and would emerge with a large stake in the company. More»

(NEWSER) - The 1970s was "a decade of excess mediocrity in so many quarters it's hard to catalog it all," Tony Borroz writes in Wired. But you can start with the cars. Here follow five total flops.

• Ford Mustang Cobra II: "An over-glorified Pinto" that made a "mockery of the venerable Cobra name" and the car "that launched the pony car revolution."
• Mercury Bobcat: Basically a Pinto, but "by porking up the platform by that much, Mercury succeeded at making a bad car even worse."

GM and Chrysler, both facing collapse, woo more taxpayer dollars

(NEWSER) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities and a meeting with the United Auto Workers. More»

GM, Chrysler working to prepare turnaround plans before Tuesday deadline

(NEWSER) - General Motors will put Congress between a rock and a hard place when it presents its turnaround plan next week, reports the Wall Street Journal. Insiders say the automaker will ask for at least another $5 billion in loans on top of the $13.4 billion already received to keep it going beyond the first quarter, and will tell lawmakers its only other option is reorganization through bankruptcy. More»