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Wall Street Journal
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Nov 30, 08 7:24 AM CST
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GM officials are pushing bondholders to swap out the debt they hold for equity in the troubled corporation, reports the Wall Street Journal . The unique strategy represents a last-ditch attempt to stave off creditors and obtain federal aid to survive. A debt swap could leave unsecured debtholders with major losses. Many bonds have been trading at a fraction of face value, indicating investors aren't confident GM can meet its debt obligations. GM must come up with a plan for federal aid by Tuesday.
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Bloomberg
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Nov 27, 08 3:05 PM CST
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General Motors doesn’t want the public tracking a private jet used by its executives, Bloomberg reports, asking the Federal Aviation Administration to block it from its public service. “We availed ourselves of the option as others do to have the aircraft removed,” said a GM spokesman, though he didn’t say why the automaker, blasted on Capitol Hill for using the planes, took the step.
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Detroit Free Press
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Nov 27, 08 4:26 AM CST
(Newser) -
General Motors is considering eliminating some of its brands in an effort to win federal aid, sources tell the Detroit Free Press . The automaker, sent back to Detroit by Congress and told to come back with a better business plan, is said to be considering all options, including ditching its Pontiac, Saab or Saturn lines.
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Wall Street Journal
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Nov 26, 08 5:25 PM CST
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A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler “viable,” and a spokesman says the companies are “working tirelessly.”
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Washington Post
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Nov 25, 08 9:27 AM CST
(Newser) -
Critics of Detroit complain that the stubborn Big Three are dying because they won’t make the energy-efficient cars people want. But it can take years for a new hybrid or plug-in model to become profitable, putting lawmakers' vision of a green auto industry at odds with their desire for a viable one, the Washington Post reports.
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Detroit News
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Nov 24, 08 1:43 PM CST
(Newser) -
General Motors is ending Tiger Woods' endorsement deal in an attempt to cut costs, the Detroit News reports today. Woods has been the celebrity face of GM’s Buick brand for 9 years, but his contract will expire Dec. 31. The golfer, whose wife is expecting their second child, says ending the deal will allow for more personal time with his family.
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Bloomberg
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Nov 24, 08 9:43 AM CST
(Newser) -
General Motors is revving up its efforts to prove to Congress it can survive if it receives a multibillion-dollar federal loan, reports Bloomberg. The automaker is asking unions to ease work rules, attempting to reduce its debt load, and considering cutting brands from its lineup as it tries to stretch its remaining cash. The company has a week to present a plan to lawmakers.
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New York Times
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Nov 23, 08 2:09 PM CST
(Newser) -
When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New York Times. Could the same be true of the auto industry?
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Wall Street Journal
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Nov 22, 08 8:11 AM CST
(Newser) -
Some General Motors’ directors are willing to consider bankruptcy protection as an option for the failing automaker, the Wall Street Journal reports, marking an unusual disagreement with CEO Rick Wagoner. Wagoner told Congress repeatedly this week, in seeking an immediate financial bailout, that reorganizing through a Ch. 11 bankruptcy is not viable for his company.
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Detroit News
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Nov 21, 08 1:38 PM CST
(Newser) -
After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets, also turned in two in September. GM spent $256,793 on flight costs for its top execs last year.
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Detroit News
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Nov 21, 08 1:50 AM CST
(Newser) -
Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to hand over billions in aid. Legislators are requiring plans from each of the Big Three automakers before they'll agree to a rescue package.
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Detroit News
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Nov 20, 08 3:05 PM CST
(Newser) -
After failing to strike a deal today on a possible bailout for the Big Three automakers, Congressional leaders offered the firms one more chance to push for the $25 billion lifeline they've requested, the Detroit News reports. Lawmakers will wait until December and require concrete plans for the money before proceeding. “The best way to proceed is to give them another opportunity to make their case,” Harry Reid said.
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Bloomberg
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Nov 20, 08 1:37 PM CST
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Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the economy gets it. “Even Somali oil-tanker pirates have so far stopped short of trying to pilfer $25 billion from their victims,” Gilbert writes.
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