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Downtrodden Detroit

Started by S Goldstein; Last updated by K Schwartz

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Downtrodden Detroit

Can American carmakers rev up their engines? Or will buyers continue to speed away from Motor City?

Stories

Stories 21 - 40 of 342

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May 2009
- Jobless Cling to Their Faith in Detroit
  
  Detroit Free Press | May 31, 09 6:10 PM CDT
  
  (Newser) - Thousands of Detroit's jobless are coping with fear and desperation by falling back on faith, the Detroit Free Press reports. Houses of worship are increasingly fielding calls from people seeking jobs, food, and housing—but above all, congregants say, they find comfort. "When the tension comes and the pressure comes, I just ask God for relief," said one laid-off auto worker. More »
- Red Wings Give Hard-Luck Detroit Reason to Cheer
  
  New York Times | May 31, 09 4:08 PM CDT
  
  (Newser) - As Detroit reels from the automotive crisis, a much-needed emotional uplift is coming from a dependable source: the Red Wings, currently in the Stanley Cup finals against the Pittsburgh Penguins. We “are one of the good stories that are coming out of Detroit right now,” a Red Wings VP tells the New York Times . “It’s definitely something people can rally around.” More »
- GM to File Bankruptcy at 8AM, Name Interim Chief
  
  Wall Street Journal | May 31, 09 3:43 PM CDT
  
  (Newser) - General Motors will appoint Al Koch as chief restructuring officer when the company files for bankruptcy tomorrow at 8am, the Wall Street Journal reports. A managing director at an advisory firm, 67-year-old Koch has attended GM management meetings for months and helped negotiate pre-bankruptcy deals with shareholders and lenders. He is expected to wind down the "old GM" as a new one emerges from bankruptcy court. More »
- GM Close to Hummer Sale That Would Save 3K US Jobs
  
  Wall Street Journal | May 31, 09 10:14 AM CDT
  
  (Newser) - GM has selected an unnamed investor to buy its hulking Hummer brand, in a move aimed at saving more than 3000 US jobs, sources tell the Wall Street Journal. They say the company hopes to seal the deal, rumored to be in the $200 million range, by September. An official spokesman declined to give any announcement, saying only that GM is "working through the final details of an agreement." More »
- GM Bondholders OK Debt-for-Equity Plan in Vote
  
  Wall Street Journal | May 31, 09 9:08 AM CDT
  
  (Newser) - GM bondholders voted yesterday to forgive $27 million in debt for equity in the restructured automaker, the Wall Street Journal reports. The move opens the door for a bankruptcy filing tomorrow morning, the New York Times notes. The Treasury Department was in charge of deciding whether enough bondholders backed the offer; “more than 50% agreed,” said an insider. More »
- Germany to Magna: GM's Opel Is All Yours
  
  Wall Street Journal | May 29, 09 8:50 PM CDT
  
  (Newser) - A Canadian auto supplier took a huge step toward acquiring GM's European brands today, the Wall Street Journal reports. Emerging from negotiations, Germany's finance minister approved Magna's merger with GM's German arm Opel, pledging about $2.1 billion to help keep Opel afloat. But details remain: Germany is still pushing to separate Opel and British Vauxhall from GM, so Berlin's billions don't end up in American pockets. More »
- Big Three See Bumpy Road With 20-Somethings
  
  BusinessWeek | May 29, 09 2:23 PM CDT
  
  (Newser) - Detroit automakers face a hard road when it comes to Generation Y—consumers aged 22-32 whose business is crucial to securing the firms' futures, BusinessWeek reports. Their boomer parents broke from tradition by shifting to Japanese cars, and Gen Y is following in those footsteps. Detroit “simply must do much better with Gen Y than they did with their parents, or the comeback we keep hearing about may not happen,” says an analyst. More »
- UAW Overwhelmingly Backs GM Concessions
  
  Associated Press | May 29, 09 12:56 PM CDT
  
  (AP) - United Auto Workers members have ratified a package of concessions designed to reduce General Motors' labor costs. Union president Ron Gettelfinger said today 74% of GM's production and skilled-trade workers voted in favor. The vote comes before the company's expected Chapter 11 bankruptcy protection filing Monday. Bankruptcy experts say having an agreement in place before the filing will help move the process through court more quickly. More »
- GM Will Declare Bankruptcy June 1: Insiders
  
  Bloomberg | May 28, 09 1:27 PM CDT
  
  (Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “new” post-bankruptcy GM apparently helped the company firm up its course of action. More »
- GM, Bondholders Strike Sweetened Deal
  
  CNBC | May 28, 09 9:31 AM CDT
  
  (Newser) - Trading of GM shares was briefly halted today after a committee of its bondholders accepted a sweetened version of the debt-for-equity deal, CNBC reports. The deal may not stop a GM bankruptcy, but would smooth the process. Under the deal, bondholders will go along with GM’s plan to sell its good assets to a new government-funded company, in exchange for a growing stake in this “new GM.” More »
- GM Bankruptcy a Gold Rush ... for Lawyers
  
  New York Times | May 26, 09 7:07 AM CDT
  
  (Newser) - GM's expected bankruptcy is bad news for thousands of auto workers, dealers and managers—but a bonanza for the lawyers and consultants orchestrating the most complicated Chapter 11 in history. Bankruptcy specialists who are already billing Chrysler, Lehman Brothers and the US government stand to make hundreds of millions of dollars from GM's restructuring, the New York Times reports. One firm representing GM billed Lehman $55 million for three months' work. More »
- Fire Sale Sweeps Chrysler Dealerships
  
  ABC News | 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 News, so prices have bottomed out as the clock winds down. More »
- Canadian Auto Workers Approve GM Deal
  
  Associated Press | May 25, 09 8:13 PM CDT
  
  (AP) - Canadian Auto Workers members voted 86% in favor of a cost-cutting deal with General Motors Canada as the automaker bids to qualify for more government loans and assure its future in Canada. Union leader Ken Lewenza said his members had no choice but to vote for the deal. "They understand the crisis in the auto industry," he said. "The vote shows that." More »
- GM Borrows Another $4B From Feds
  
  Wall Street Journal | 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 restructuring efforts. GM is widely expected to file for bankruptcy next week. More »
- Ford Courts GM, Chrysler Customers
  
  Detroit News | May 22, 09 12:25 PM CDT
  
  (Newser) - With General Motors and Chrysler struggling, Ford is moving to pick off some of its rivals’ customers, the Detroit News reports. The firm is passing cash to its dealers to ease Chrysler owners’ loan payments—so they can pick up Fords. Ford may soon do the same for GM owners. “We’re going to be aggressive, but we’re not going to be predatory,” said an exec. More »
- Feds to Send GM Into Bankruptcy
  
  Washington Post | May 22, 09 2:12 AM CDT
  
  (Newser) - The Obama administration is preparing to steer General Motors into bankruptcy next week, sources tell the Washington Post . The restructuring plan, which aims to shrink GM and turn it into a globally competitive automaker, will bring the company an extra $30 billion in federal loans, for a total of $45 billion in government aid. The government has indicated it will take a stake of some 50% of the firm. More »
- GM, UAW Cut Deal on Labor, Health Care
  
  Detroit Free Press | May 21, 09 1:44 PM CDT
  
  (Newser) - Monitored by the Treasury department, General Motors and the United Auto Workers have reached a tentative deal to modify conditions of their labor contract and retiree health care trust, which could save the flatlining automaker more than $1 billion. Still, Chapter 11 bankruptcy remains likely for GM, and union reps must approve the pact, the Detroit Free Press reports. More »
- Hatch: Save the Hummer ... for the Environment
  
  Washington Post | May 21, 09 12:12 PM CDT
  
  (Newser) - Many Republicans won’t touch fuel economy issues, but not Sen. Orrin Hatch. He’s been an advocate for alternative-fuel vehicles for a decade, and yesterday got behind the wheel of the most muscular hybrid ever, reports Dana Milbank of the Washington Post . A company from Hatch’s native Utah has created a plug-in Hummer that gets 100 mpg. Just two problems: General Motors is jettisoning the Hummer brand, and Hatch apparently can’t drive. More »
- GMAC Gets New $7B Bailout
  
  Wall Street Journal | 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. GMAC, which provides fleet financing for dealerships as well as consumer financing for car-buyers, needs to increase reserves by $11.5 billion to offset exposure to troubled subprime lending assets. More »
- Auto Newcomer Will Head Chrysler-Fiat
  
  Detroit News | May 20, 09 4:42 PM CDT
  
  (Newser) - Post-bankruptcy, Chrysler head Robert Nardelli will cede his position to former Duracell chief C. Robert Kidder. Kidder will run the new Chrysler-Fiat alliance being hashed out in court, the Detroit News reports. Kidder is currently lead director on the board of Morgan Stanley—one of Chrysler’s creditors—and his auto-industry experience is limited to a one-time consultancy. More »

Stories 21 - 40 of 342

<< Prev 1 2 3 4 5 6 ... 18 Next >>

(FILES) This file photo dated 07 January, 2007 shows cars from...

(FILES) This file photo dated 07 January, 2007 shows cars from... (Getty Images)

United Auto Workers union President Ron Gettelfinger addresses the media at the UAW Solidarity House in Detroit, in this May 14, 2007 file photo. Gettelfinger said Monday, June 18, 2007 that the union must offer health care concessions to Chrysler similar to those it gave Ford Motor Co. and General...

United Auto Workers union President Ron Gettelfinger addresses the media at the UAW Solidarity House in Detroit, in this May 14, 2007 file photo. Gettelfinger said Monday, June 18, 2007 that the union... (Associated Press)

The Ambassador Bridge is shown in an aerial photograph looking from the Detroit side to the Windsor, Ontario, side Nov. 2, 2005. A new bridge could soon connect Detroit to Windsor, one of North America's busiest border crossings. Who will own it and when exactly it will be built comes...

The Ambassador Bridge is shown in an aerial photograph looking from the Detroit side to the Windsor, Ontario, side Nov. 2, 2005. A new bridge could soon connect Detroit to Windsor, one of North America's... (Associated Press)

(FILES) The DaimlerChrysler Dodge trucks wait at a storage site...

(FILES) The DaimlerChrysler Dodge trucks wait at a storage site... (Getty Images)

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Related Threads

Auto Industry • General Motors • Chrysler • Ford • Kick the Tires • A Billion Here... • On Strike • Going Green • DaimlerChrysler Split • Private Equity

Background

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Economy (of Detroit)
Wikipedia

Detroit and the surrounding region constitute a manufacturing powerhouse, most notably as home to the Big Three automobile companies, General Motors, Ford, and Chrysler. The city is an important center for global trade with large international law firms having their offices in both Detroit and Windsor....

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Recommended Reading

Detroit

City of Detroit
City of Detroit

Big Three

Chrysler
Chrysler Official Site

Ford Motor Company
Ford Motor Company

General Motors
General Motors

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