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NEWS ABOUT: auto bailout

Chrysler Wants $1.5B More for Auto Loans

(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’s... More »

Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing

(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 »

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

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... More »

Auto Suppliers Seek Their Own Bailout

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

(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 »

To Save Economy, Give Money to Morons

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

(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’ve had... More »

Detroit Bailout Proposals: Disappointing, Incomplete

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

(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 »

GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse

(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 »

GM Wants $16B More, Will Cut 47K Jobs

(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 »

Chrysler Seeks $5B More in Federal Loans

(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 »

GM 'Unlikely' to Make Deadline in UAW Talks

(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 »

GM Talks Die, Chrysler's Stall as Deadline Looms

(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 »

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

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... More »

With Car Czar Delayed, Automakers Spin Wheels

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

(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 »

Ford Reports Record $14.6B Loss for 2008

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

(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 »

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

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

(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 Chrysler... More »

Fiat to Take 35% Stake in Chrysler, Enter US Market

No-cash deal offers platform sharing and markets to Fiat, a lifeline to Chrysler

(Newser) - Fiat arranged a no-cash deal with Chrysler today that could put the Italian automaker behind the wheel of Chrysler’s operations, the Wall Street Journal reports. Fiat will take a 35% stake in Chrysler with an option for 20% more. Fiat will receive a foothold in the US market, retooling... More »

Chrysler's Loan Arm Gets $1.5B Federal Loan

Attempt to unfreeze auto-loan market is on top of $17B coming to Detroit from TARP

(Newser) - The Treasury Department will lend Chrysler’s financing arm $1.5 billion to encourage the struggling auto-loan market, the Washington Post reports today. The 5-year loan comes at an interest rate of about 1.36%, and carries limits on executive compensation: Chrysler Financial will have to cut its bonus pool... More »

Stocks Flat Despite Auto Help

(Newser) - Stocks continued their holiday nap today, opening only modestly higher despite an expansion of the auto bailout. The Dow rose 57 points, while the Nasdaq and S&P each rose 0.6%. GM and Ford climbed11% and 2.7% respectively on news that the government would toss $6 billion to... More »

Like the Big 3, Detroit Is Dying

(Newser) - The Big Three automakers are broke and begging for cash, but that's typical when you're from Detroit, Matt Labash writes in The Weekly Standard. He prepped for his visit to Dysfunction Junction by reading nightmarish stats: The city has 10,000 unsolved murders; its deficit is as high as... More »

GM Finance Arm Converts, Will Tap Bailout

Fed approves GMAC's request to become bank-holding company

(Newser) - The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17.... More »

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