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SATURDAY, NOVEMBER 7, 2009
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NEWS ABOUT: auto bailout

auto bailout stories: 104 news summaries

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 In Congress, 535 New 
 GM Boardmembers 

Legislators strong-arm automaker to keep dealerships, factories open

Oct 29, 09 7:02 AM CDT
(Newser) - GM might not have realized when it took $58 billion in bailout money that it would now be beholden to members of Congress, who have been acting like 535 new board members as they angle for their constituents' (and their own) interests. Dems and Republicans alike have pressured companies to... More »

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Congress • General Motors • auto industry • Jay Rockefeller • bailout • auto bailout

(Newser) - Chrysler is planning to produce a Fiat-branded subcompact car at a plant in Mexico, insiders tell the Wall Street Journal. The move may anger two key shareholders of the restructured automaker—the US government and the United Auto Workers. Workers at the Toluca, Mexico, plant are represented by a Mexican... More »

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Chrysler • Mexico • automaker • auto industry • subcompact • Fiat • auto bailout

(Newser) - The collapse of Detroit has turned its Canadian counterpart into a veritable ghost town, the Economist reports. Located just across the Detroit River in Ontario, Windsor depends heavily on the Big Three, and now claims Canada’s highest unemployment rate at 14.4%. But Ontario’s problems go beyond “... More »

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Canada • Detroit • recession • unemployment • auto industry • border security • Windsor • Ontario • auto bailout

(Newser) - A spending bill passed by the House last night includes a provision to reopen hundreds of Chrysler dealerships and prevent the closing of over 2,000 more planned by GM, the Detroit News reports. The measure, opposed by the White House, will force the automakers to give dealers targeted for... More »

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Chrysler • General Motors • House of Representatives • auto industry • car dealers • dealership • auto bailout

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,... More »

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bankruptcy • General Motors • product liability • auto bailout

(Newser) - Though opinions of the government vary, most Americans continue to have a favorable view of President Obama, Fox News reports. In a new poll, 62% of respondents approve of the job Obama is doing; 31% disapprove. 64% like the president as a person. But on the administration’s takeover of... More »

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General Motors • recession • approval ratings • opinion polls • Obama administration • President Obama • auto bailout

GM-Owning Feds Buy
Rival Fords

General Services Administration spends $129M on competition

Jun 11, 09 5:30 AM CDT
(Newser) - The federal government isn't letting its stake in General Motors and Chrysler stop it from doing business with rivals, the New York Times reports. Ford, the only one of the Big Three not to receive bailout funds, won the biggest order in the General Services Administration's recent stimulus-funded $287 million... More »

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Chrysler • General Motors • fuel efficiency • Ford • economic stimulus package • General Services Administration • auto bailout

Indiana Makes Final Attempt to Block Chrysler Sale

State treasurer argues that deal tramples on bankruptcy law, Constitution

Jun 5, 09 5:49 AM CDT
(Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates... More »

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Chrysler • bankruptcy • Indiana • Fiat • auto bailout

 Fire Sale Sweeps 
 Chrysler Dealerships 

Prices hit rock bottom before June 9 deadline

May 26, 09 6:12 AM CDT
(Newser) - Those well-worn "Rock-Bottom Price!" and "Must Go!" stickers are more than sales pitches at nearly 800 dealerships cut loose by Chrysler, which have to sell by June 9 or lose vehicles to auction. The bankrupt automaker refused to buy back some 44,000 cars, reports ABC... More »

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Chrysler • bankruptcy • automaker • Dodge • US automakers • auto bailout

GM Borrows Another $4B From Feds

Company to cut 3,400 more white-collar jobs amid restructuring

May 23, 09 6:09 AM CDT
(Newser) - General Motors has borrowed another $4 billion from the Treasury ahead of its June 1 deadline to restructure or face bankruptcy, the Wall Street Journal reports. A statement from the automakers said the loan, which brings the total borrowed to nearly $20 billion, is "to maintain adequate liquidity" during... More »

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General Motors • Treasury Department • restructuring • auto industry • auto bailout

 GMAC Gets 
 New $7B Bailout 

Treasury could double the injection as it moves closer to majority stakeholder

May 21, 09 7:19 AM CDT
(Newser) - The Treasury is prepared to inject another $7 billion into GMAC as the first stage in a new bailout that could double to $14 billion, putting the government on a trajectory to be the majority stakeholder in both GMAC and General Motors by year's end, the Wall Street Journal reports.... More »

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Chrysler • General Motors • bailout • GMAC • financial crisis • auto bailout

Bailed-Out GM to Take More Jobs Overseas

Cars sold here, built elsewhere to double amid taxpayer support

May 8, 09 6:37 AM CDT
(Newser) - General Motors is set to boost its overseas operations, nearly doubling the number of cars it builds outside the US but sells here—even though billions of government dollars are supporting the firm and its restructuring plans, the Washington Post reports. This puts the Obama administration in a tight position:... More »

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General Motors • outsourcing • automaker • job • Obama administration • auto bailout

Chrysler Halts Production to Lower Inventory

Automaker also appears in court to lay out bankruptcy plan

May 1, 09 3:02 PM CDT
(Newser) - Chrysler idled its plants today for 30 to 60 days to reduce inventory as the company’s lawyers appeared in a New York bankruptcy court, the Washington Post reports. The attorneys outlined a plan to emerge from bankruptcy within 2 months. “We are quite mindful of the view... More »

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Chrysler • New York City • layoffs • bankruptcy • Big Three • production • plant • Obama administration • U.S. Bankruptcy Court • auto bailout

(Newser) - President Obama said today that Chrysler’s impending bankruptcy is “not a sign of weakness but one more step” towards recovery, the Washington Post reports. The 1-to-2 month “surgical” bankruptcy—a time frame met with skepticism by experts—will give the automaker a “new lease on life,... More »

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Chrysler • bankruptcy • Robert Nardelli • auto industry • Obama administration • President Obama • auto bailout • creditor

(Newser) - Chrysler isn’t facing imminent bankruptcy, its vice chairman told the automaker’s dealers today. “Nothing has changed,” Jim Press said on a conference call, three participants tell the Wall Street Journal. Chrysler still plans to restructure outside of bankruptcy and cut a deal with Fiat. But Press... More »

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Chrysler • bankruptcy • Jim Press • auto industry • Fiat • auto bailout

 Treasury Ups Offer 
 to Chrysler Lenders 

Treasury blinks in standoff that will determine auto maker's future

Apr 23, 09 1:58 AM CDT
(Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler... More »

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Chrysler • Citigroup • Morgan Stanley • Treasury Department • auto industry • JPMorgan Chase • auto bailout

Banks, Treasury Play
Chicken on Chrysler Deal

Alternate headline: Banks, Treasury Play Chicken on Chrysler Deal

Apr 22, 09 7:46 AM CDT
(Newser) - A group of big banks balked at the Treasury’s proposal that they slash 85% of Chrysler’s debt, the government’s second such request. Instead, in what the Wall Street Journal calls a “significant act of brinkmanship” as an April 30 deadline looms, the banks, including bailout... More »

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Chrysler • Citigroup • bankruptcy • Morgan Stanley • Treasury Department • auto industry • JPMorgan Chase • auto bailout

 GM Spends $2.8M on Lobbying 


Apr 21, 09 9:55 AM CDT
(Newser) - General Motors spent $2.8 million on lobbying in this year’s first quarter, even as $13.4 billion in federal loans kept it on life support, the AP reports. That’s down from $3.3 million it spent in 2008’s fourth quarter, but still up from Q3, according... More »

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General Motors • lobbying • auto bailout

Chrysler Gets New Aid, but End May Loom

Treasury pushes automaker toward Fiat deal or liquidation

Apr 21, 09 7:19 AM CDT
(Newser) - The Obama administration has given a further $500 million to keep Chrysler afloat, but Washington signaled yesterday it increasingly believes Chrysler will not survive as an independent company. Treasury officials met yesterday with CEO Robert Nardelli, as well as the heads of the United Auto Workers and Italian automaker Fiat.... More »

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Chrysler • General Motors • Treasury Department • auto industry • Fiat • Obama administration • auto bailout

(Newser) - Chrysler's financing arm has turned down a $750 million federal loan in order to skirt limits on executive pay, sources tell the Washington Post. Fearing that an earlier $1.5 billion loan was running out, the Treasury offered Chrysler Financial the extra credit about 2 weeks ago, attaching strict... More »

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Chrysler • Treasury Department • TARP • auto bailout

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