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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 61 - 80 of 342

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April 2009
- Chrysler Talks Break Down; Bankruptcy Expected Today
  
  Wall Street Journal | Apr 29, 09 11:14 PM CDT
  
  (Newser) - Last-minute talks between the Treasury Department and Chrysler's creditors have broken down, making a bankruptcy filing nearly certain today, the Wall Street Journal reports. In other developments, the Detroit News says Italian automaker Fiat will still sign a deal today to forge an alliance with Chrysler. Under the bankruptcy plan being worked out by the government, Chrysler chief Robert Nardelli would be replaced by Fiat management, says the Washington Post . More »
- Chrysler Creditors Strike Deal to Avoid Bankruptcy
  
  Washington Post | Apr 28, 09 10:07 AM CDT
  
  (Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them, in exchange for a 10% stake in the automaker. More »
- UAW to Own 55% of Chrysler
  
  Wall Street Journal | Apr 28, 09 8:07 AM CDT
  
  (Newser) - The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall Street Journal. Fiat will eventually own 35% of the stock, with taxpayers and creditors divvying up the remaining 10%. More »
- GM to Cut 21K US Factory Jobs
  
  Associated Press | Apr 27, 09 8:53 AM CDT
  
  (AP) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today. GM will also offer 225 shares of common stock for every $1,000 in notes held by bondholders as part of a debt-for-equity swap. More »
- UAW Cuts Deal With Chrysler, Fiat, US Treasury
  
  Wall Street Journal | Apr 26, 09 8:00 PM CDT
  
  (Newser) - Auto workers cut a new agreement with Chrysler today that brought the automaker closer to a partnership deal with Fiat, the Wall Street Journal reports. Agreeing to lower health care benefits for retirees, United Auto Workers called the "concessionary agreement" painful but said it met President Obama's rigorous standards. The terms must now be put to UAW members. More »
- US Lends GM Another $2B
  
  MarketWatch | Apr 24, 09 2:03 PM CDT
  
  (Newser) - The Obama administration provided General Motors with another $2 billion in low-cost federal loans today, MarketWatch reports. The funds are intended to keep the company operating as it attempts to restructure ahead of a June 1 deadline. GM has so far received $15.4 billion in loans from the government. More »
- Chrysler to Dealers: We're Not Going Bankrupt
  
  Wall Street Journal | Apr 24, 09 1:33 PM CDT
  
  (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 did say that, should Chrysler not get concessions it needs, bankruptcy is still possible. More »
- Fiat Exec Would Gut Chrysler to Save It
  
  Economist | Apr 24, 09 10:38 AM CDT
  
  (Newser) - It may seem awfully cocky of Fiat chief Sergio Marchionne to assume that he can save Chrysler, generally written off in the industry as a lost cause. But there’s a reason Marchionne is optimistic, notes the Economist : He’s done it before. When he took over Fiat in 2004, the now-reborn company was bloated, in debt, overpowered by unions, and stuck with obsolete technology. “We tore it apart in 60 days,” says Marchionne. More »
- Auto Workers Fear Deep Cuts in Pensions
  
  Washington Post | Apr 24, 09 8:03 AM CDT
  
  (Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post . Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says one Chrysler worker. “They offered these incentives for us to take early retirement, and I took one. Now it looks like my fixed income wasn't so fixed.” More »
- Ford Loses Just $1.4B, Turns Down Treasury Money
  
  Bloomberg | Apr 24, 09 6:49 AM CDT
  
  (Newser) - Ford announced today a loss of $1.4 billion for the first three months of 2009—its worst Q1 result in 17 years, but nevertheless one that beat expectations, Bloomberg reports. The automaker said it expected to break even or possibly turn a profit in 2011, and it would not seek any loans from the government as its rival Chrysler prepares for bankruptcy. Ford acknowledged today that it burned through $3.7 billion in cash as the auto crisis deepened. More »
- Fiat Begins Talks With GM While Courting Chrysler
  
  Wall Street Journal | Apr 23, 09 9:25 PM CDT
  
  (Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin America, the Wall Street Journal reports. Fiat is simultaneously trying to buy a 20% stake in Chrysler, now teetering on the brink of bankruptcy. More »
- Treasury Ups Offer to Chrysler Lenders
  
  Wall Street Journal | 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 owes, plus a 5% stake in company. More »
- GM to Shut Most Factories for 9 Weeks
  
  Associated Press | Apr 22, 09 4:51 PM CDT
  
  (Newser) - General Motors plans to shut most of its US factories for 9 weeks this summer, the AP reports. The shutdown will include the normal 2-week stoppage in July to gear up for new models, two sources said, blaming the move on slumping sales and rising inventories. GM, which has received $13.4 billion in government loans, faces a June 1 deadline to restructure its debt or face bankruptcy. More »
- Detroit Mayoral Race Looks Like NBA Reunion
  
  Detroit News | Apr 22, 09 3:04 PM CDT
  
  (Newser) - NBA Hall of Famer Dave Bing, who’s running for mayor of Detroit, is turning to the political branch of the “NBA family” for support, the Detroit News reports. Former senator and presidential candidate Bill Bradley will appear next week with retired Suns point guard Kevin Johnson, now the mayor of Sacramento, to support Bing. “I just want to tap their heads so I can get that free advice, quite frankly,” Bing said. More »
- GM Seeks Ways Around $1B Debt Payment
  
  Wall Street Journal | Apr 22, 09 1:03 PM CDT
  
  (Newser) - General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when we emerge,” chief financial officer Ray Young said of having the US government’s backing. “We’re going to get this done.” More »
- GM Spends $2.8M on Lobbying
  
  Associated Press | 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 to its government filings. A GM spokesman says none of the company’s federal aid has been spent on lobbying. More »
- Chrysler Gets New Aid, but End May Loom
  
  Wall Street Journal | 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. If it fails to strike a deal with Fiat, Chrysler could file for bankruptcy or liquidation by next week. More »
- Okla. Private Equity Firm Bids for Saturn Brand
  
  Los Angeles Times | Apr 16, 09 6:24 AM CDT
  
  (Newser) - A private equity firm is making a bid to buy General Motors' Saturn brand, the Los Angeles Times reports. The Oklahoma company, Black Oak Partners—which says it has gone public in the hopes of stopping dealers from abandoning the brand—is the first known suitor for any of the brands GM is seeking to offload, which also include Hummer and Saab. The auto maker says it is weighing "a handful" of offers. More »
- Models—Human and Auto— Take Bailout Flak at Car Show
  
  New York Times | Apr 14, 09 9:10 AM CDT
  
  (Newser) - Crowds hostile about the state of America’s auto industry have made presenting at auto shows a much trickier job than it used to be, the New York Times reports. The eye-candy models at scaled-back exhibits from General Motors and Chrysler are fielding questions during the ongoing New York event about the bailout, bankruptcy, corporate governance, and even the role of gas-guzzlers in causing the Iraq war. More »
- Feds May Trade Debt for Stake in 'New' GM
  
  Bloomberg | Apr 14, 09 5:35 AM CDT
  
  (Newser) - The Obama administration is considering trading some of GM’s $13.4 billion government debt for equity in the streamlined, post-restructuring version of the automaker, Bloomberg reports. Insiders say the move, which would be accompanied by an offer to bondholders of equity in the new entity, is part of a plan to cut GM's debt ahead of a June 1 deadline to demonstrate its viability. More »

Stories 61 - 80 of 342

<< Prev 1 2 3 4 5 6 7 8 ... 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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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
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Ford Motor Company
Ford Motor Company

General Motors
General Motors

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