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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: auto bailout

auto bailout stories: 105 news summaries

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(Newser) - President Obama will likely approve billions of dollars more in loans to General Motors and Chrysler on Monday, but attach a deadline for union and bondholder concessions to help the automakers survive, insiders tell the New York Times. Obama's auto task force will also keep government-managed bankruptcy as an option... More »

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Barack Obama • Chrysler • General Motors • Big Three • auto bailout

Obama to Outline Plan for Auto Industry Monday

President will discuss required conditions for further government aid

Mar 27, 09 3:53 PM CDT
(Newser) - President Obama is nearing a decision on whether to give automakers more bailout money and will lay out his plan for the future of the industry Monday, the Detroit News reports. The president “will outline what he thinks is the best way forward," spokesman Robert Gibbs said, including... More »

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Barack Obama • Chrysler • General Motors • Ford • Obama administration • President Obama • auto bailout

Auto Task Force to Back More Loans, Push Concessions

Experienced or not, decisions from Obama's task force will come this week

Mar 26, 09 8:10 AM CDT
(Newser) - President Obama’s auto task force will back new loans for General Motors and Chrysler but will ask for more sacrifices from unions, management, and GM’s bondholders, the Wall Street Journal reports. GM and Chrysler have requested $22 billion more atop the $17.4 billion already loaned to them.... More »

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Chrysler • General Motors • financial crisis • auto bailout • Steven Rattner • auto task force

(Newser) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s... More »

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Chrysler • General Motors • Detroit • recession • Federal aid • auto industry • Obama administration • auto bailout • Steven Rattner • auto task force

(Newser) - The US will provide $5 billion in aid to the nation’s auto-parts manufacturers, a sector struggling because of the tenuous financial situation of Detroit’s Big Three car companies, the Wall Street Journal reports today. Many parts makers face bankruptcy, as they have not been paid for product delivered.... More »

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Chrysler • General Motors • recession • Ford • credit crisis • manufacturer • bailout • cars • auto bailout • auto-parts suppliers

(Newser) - Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’... More »

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Chrysler • Detroit • auto loans • Federal government • emergency lending • auto bailout

Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing

Mar 17, 09 10:48 AM CDT
(Newser) - GM can still avoid bankruptcy, CEO Rick Wagoner said today, telling reporters in Washington that "99%" of the company’s problems could be fixed and that he was working with the UAW and bondholders to reduce debt and costs. Bankruptcy “could work,” he said, “but it... More »

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United Auto Workers • bankruptcy • General Motors • Rick Wagoner • auto bailout

Obama Auto Team in Detroit Considering $22B More in Aid

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

Mar 9, 09 10:28 AM CDT
(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... More »

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Chrysler • United Auto Workers • General Motors • auto industry • Chapter 11 • Obama administration • financial crisis • President Obama • auto bailout • Steven Rattner • Chevy Volt

 Auto Suppliers Seek
Their Own Bailout

Trade groups warn industry could collapse from bottom up as Big 3 troubles filter down

Feb 26, 09 2:12 AM CST
(Newser) - The auto industry is warning that it could collapse from the bottom up if the government doesn't immediately assist America's car parts suppliers, the Washington Post reports. Suppliers are struggling to use their unpaid billings to troubled automakers—usually 45 to 60 days behind deliveries—as collateral for operating loans,... More »

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General Motors • automaker • Ford • auto industry • suppliers • supply chain • auto bailout

OPINION

To Save Economy, Give Money to Morons

They're dumb, but they're 'our countrymen'

Feb 20, 09 8:20 AM CST
(Newser) - Our economic system is supposed to be based on the principle that people must live with the consequences of their decisions, which tends to make them more careful deciders. “We’ve made a hash of all that,” writes David Brooks of the New York Times. We’... More »

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Bush administration • moral hazard • bailout • Obama administration • Wall Street bailout • auto bailout

ANALYSIS

 Detroit Bailout Proposals: 
 Disappointing, Incomplete 

Chrysler, GM offer no plans to get people to buy their cars

Feb 18, 09 10:50 AM CST
(Newser) - GM and Chrysler now want another $22 billion from Washington—and propose to use dramatic job cuts to help right their respective ships. What both companies avoid, writes economist Susan Helper for the New Republic, is an appraisal of the real problem: Nobody wants to buy their cars. Rather than... More »

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Chrysler • United Auto Workers • General Motors • Ford • labor unions • Big Three • auto bailout

(Newser) - The restructuring plans unveiled by GM and Chrysler make one thing clear: the cost of bailing out the companies has jumped $14 billion to a total of $39 billion. But as the White House begins to pick through the plans, the companies say it would be far more expensive if... More »

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Chrysler • General Motors • Detroit • auto industry • auto bailout

(Newser) - GM says it will need an additional $16 billion in federal aid to stay afloat, the Detroit News reports. The automaker laid out its restructuring plan for the Obama administration today, requesting $2 billion next month and another $2.6 billion in April to avoid bankruptcy. GM also will shed... More »

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General Motors • Detroit • auto industry • US automakers • auto bailout

(Newser) - Chrysler says it will need a total of $9 billion in federal loans to avoid going bust, up $5 billion from the amount it received in December and $2 billion from its original request, CNN reports. The company also plans to cut 3,000 jobs this year, or 6% of... More »

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Chrysler • General Motors • Detroit • auto industry • auto bailout

(Newser) - General Motors made progress in talks with workers and bondholders today but will probably miss its Tuesday deadline, the Detroit Free Press reports. “Everyone is working around the clock,” a source said, but a deal with bondholders was "not looking very likely." GM is seeking... More »

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Chrysler • General Motors • UAW strike • auto bailout

(Newser) - The UAW broke off crucial talks with GM today, only 3 days before the beleaguered company is scheduled to submit restructuring plans to Washington, Reuters reports. At issue were retiree healthcare costs that executives want to replace partly with shares in a recapitalized GM. "It doesn't seem like the... More »

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Chrysler • General Motors • UAW strike • auto bailout

GM: Give Us More Money
or We'll Go Bankrupt

GM, Chrysler working to prepare turnaround plans before Tuesday deadline

Feb 14, 09 7:17 AM CST
(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... More »

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Chrysler • United Auto Workers • bankruptcy • General Motors • auto industry • Rick Wagoner • auto bailout

With Car Czar Delayed,
Automakers Spin Wheels

GM and Chrysler find no one behind the wheel of auto restructuring

Feb 6, 09 9:14 AM CST
(Newser) - Amid the federal appointment frenzy, the lack of a "car czar" has received little attention, but the vacancy is holding up automakers trying to meet restructuring deadlines included in their $17.4 billion federal loan, the Wall Street Journal reports. The loans require General Motors and Chrysler to submit... More »

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Chrysler • General Motors • restructuring • financial crisis • auto bailout • car czar • Steven Rattner

 Ford Reports Record $14.6B 
 Loss for 2008 

The nation's No. 2 automaker says it has enough cash and credit available for 2009

Jan 29, 09 7:17 AM CST
(Newser) - Ford Motor Co. today reported its worst year in its 105-year history, driving through more than $5.9 billion in cash in the fourth quarter on its way to a $14.6 billion loss for the year, reports Bloomberg. The company said it had enough cash reserves and credit available... More »

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United Auto Workers • corporate earnings • auto industry • auto bailout • Ford Motor Co.

Chrysler Needs $3B From Feds to Lock Deal With Fiat

The automakers have agreed to an alliance, but only if Chrysler gets another loan

Jan 21, 09 9:11 AM CST
(Newser) - Chrysler and Fiat have agreed to a deal that would give the Italian automaker a 35% stake in the US company, but there’s a hitch: it doesn't become final unless Chrysler bags another $3 billion from the federal government, reports the Wall Street Journal. The partnership will give... More »

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Chrysler • auto industry • auto sales • Fiat • auto bailout

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