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June 2009
- Done Deal: Fiat Buys Chrysler Assets
  
  New York Times | Jun 10, 09 10:31 AM CDT
  
  (Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy. More »
- House OKs 'Cash for Clunkers' Bill
  
  Detroit News | Jun 10, 09 5:50 AM CDT
  
  (Newser) - The House has passed legislation to give people who trade in gas-guzzling vehicles for more efficient new models rebates up to $4,500, the Detroit News reports. The $4 billion "cash-for-clunkers" bill, aimed at giving the auto industry a boost, passed 298-119, and its backers will now try to get it attached to legislation in the Senate. More »
- Supreme Court Won't Block Chrysler Sale
  
  Associated Press | Jun 9, 09 6:48 PM CDT
  
  (AP) - The Supreme Court has cleared the way for Chrysler's sale to Fiat, turning down a last-ditch bid by opponents of the deal. The court late today rejected a plea to block the sale of most of Chrysler's assets to the Italian automaker. With the court's move, the deal can now close as early as tomorrow morning. More »
- Ginsburg Delays Chrysler-Fiat Deal
  
  SCOTUSblog | Jun 8, 09 3:39 PM CDT
  
  (Newser) - Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would require five judges to agree. Ginsburg’s decision said the sale was “stayed pending further order.” More »
- As Dealers Dwindle, Car Prices Set to Balloon
  
  Boston Globe | Jun 8, 09 2:05 PM CDT
  
  (Newser) - The shake-up of America's auto industry will mean fewer auto dealers but the streamlining won't be making the cars any cheaper, experts tell the Boston Globe . Chrysler and General Motors are likely to turn to the Japanese model of fewer brands and fewer dealers when they emerge from bankruptcy, and the lack of competition among dealers is expected to add as much as several thousand dollars to the price of a new car. More »
- Treasury Pushed Reluctant Chrysler Into Fiat Deal
  
  Wall Street Journal | Jun 6, 09 9:21 AM CDT
  
  (Newser) - The Obama administration foisted the Fiat alliance on Chrysler, brushing aside its concerns about Fiat’s financial health and unwillingness to share technology, the Wall Street Journal reports . E-mails filed during Chrysler’s bankruptcy proceedings show Fiat ignoring requests for documents, reluctant to ante up funds, and attempting to change contract terms late in the talks. Chrysler officials worried that they, and the government, might find themselves “in bed with a shady partner.” More »
- Court OKs Chrysler Sale to Fiat, Starting Monday
  
  Wall Street Journal | Jun 5, 09 5:10 PM CDT
  
  (Newser) - A federal appeals court today approved the sale of Chrysler to Italian automaker Fiat over objections from debt holders in Indiana, the Wall Street Journal reports. The court put the sale on hold until Monday afternoon, or until the Supreme Court issues a stay—which Indiana investors say they will need to file their appeal. “We need to get the Supreme Court to give us more time,” a lawyer for the group said. More »
- Indiana Makes Final Attempt to Block Chrysler Sale
  
  Washington Post | Jun 5, 09 5:49 AM CDT
  
  (Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates bankruptcy law by favoring junior, unsecured creditors over senior ones. More »
- Schwarzenegger Happy to See Hummer Go to China
  
  Los Angeles Times | Jun 4, 09 2:34 AM CDT
  
  (Newser) - California Gov. Arnold Schwarzenegger helped popularize the Hummer by driving one, but he's not worried that its days of American ownership are over, reports the Los Angeles Times . The gas-guzzler has come to symbolize Detroit's failure to innovate, and the brand's new Chinese owners will be able to double the Hummer’s gas mileage or even bring it close to 100 miles per gallon, according to Schwarzenegger. More »
- GM Strikes Hummer Deal
  
  Wall Street Journal | Jun 2, 09 7:21 AM CDT
  
  (Newser) - General Motors has announced a "tentative" plan to sell its Hummer brand to a buyer who could take control by the end of the third quarter, says the Wall Street Journal . The firm didn’t say who was buying it or for how much, but noted that the purchaser plans to continue growing the brand portfolio and eventually create alternative-fuel Hummers. GM will keep building Hummers for the new owner “through at least next year,” the Journal notes. More »
- Dow Jumps 221 on GM Filing
  
  Wall Street Journal | Jun 1, 09 3:12 PM CDT
  
  (Newser) - Stocks surged today on positive data about personal income, manufacturing, and the long-awaited announcement of General Motors’ bankruptcy. “There is a positive, relief reaction to this filing,” one analyst told the Wall Street Journal . “It’s been hanging over all of our heads.” Energy and construction stocks also saw big bumps. The Dow was up 221.11 to 8,721.44. The S&P gained 23.73, ending at 942.87. And the Nasdaq rose 54.35 to 1,828.68. More »
- Bracing for 'Obama Motors'
  
  Wall Street Journal | Jun 1, 09 10:59 AM CDT
  
  (Newser) - GM’s bankruptcy and semi-nationalization has everyone talking. Here’s what the papers are saying: “Welcome to Obama Motors, and what is likely to be a long, expensive, and unhappy exercise in political car making,” writes the Wall Street Journal . The government seems incapable of hands-off management, and Obama will have to renegotiate the UAW contract in an election year, pitting "Big Labor" against taxpayers. "Who do you think wins that White House debate?" More »
- GM Fleshes Out Plans to Close, Idle Plants
  
  Associated Press | Jun 1, 09 9:23 AM CDT
  
  (AP) - In the wake of this morning's bankruptcy filing, GM will permanently close nine more plants and idle three others to trim production and labor costs, the AP reports. Assembly plants in Pontiac, Mich., and Wilmington, Del., will close this year; plants in Spring Hill, Tenn., and Orion, Mich., will shut down production but remain on standby. More »
- GM Declares Bankruptcy
  
  Wall Street Journal | Jun 1, 09 7:38 AM CDT
  
  (Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times . GM says it owes $172.8 billion and has assets of $82.3; for the US government, which will own 60% of the firm, some $30 billion hangs on GM’s return to profitability. More »
- As Rivals Flail, Ford Ramps Up Production
  
  Wall Street Journal | Jun 1, 09 6:41 AM CDT
  
  (Newser) - Hoping to profit from its rivals' pain, Ford will ramp up this year's third-quarter production 10% over last year's, in a bid to grab market share from GM and Chrysler as they recover from bankruptcy, the Wall Street Journal reports. It’ll be Ford’s first production bump in nearly two years. “This is a once-in-a-lifetime opportunity,” said a source from Ford, though he added, “No one is going to gift-wrap it for us. You have to deliver the product people want to buy.” More »
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 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 »
- 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 »