Judge Greenlights GM Asset Sale

(NEWSER) - General Motors will start making temporary loans to dealers who have yet to be reimbursed by the federal government under the Cash for Clunkers plan, the Wall Street Journal reports. Dealers, some now irate, essentially did the same thing for customers participating in the trade-in plan—covering the government rebate out of pocket. But the federal money has been slow in coming, putting dealers at risk of a loss. More»

Good assets go to US-backed firm

(NEWSER) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will soon be renamed General Motors. At an upbeat Detroit press conference 3 hours later, GM CEO Fritz Henderson promised to turn the impressive "speed and intensity" of the reorganization to making great cars. More»

Administration triumphs as bankruptcy effectively ends

(NEWSER) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy. More»

Former Mass. governor could turn around automaker, says Bennet

(NEWSER) - Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic, there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its admittedly "able" CEO. It's time to appoint someone who brings an auto legacy and outsider's skepticism to the table: Mitt Romney. More»

After decades of dominance, automaker blamed others for downfall

(NEWSER) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, became liabilities as Japanese competitors sucked away even its most loyal customers, reports the New York Times. Yet its bankruptcy filing would have been unthinkable even a few years ago, as GM insisted it was too big to fail. More»