Senate rejects GOP plan to give GM, Chrysler stock to taxpayersJuly 29th, 2009 Senate rejects plan giving auto stock to taxpayersWASHINGTON — The Senate rejected a plan Wednesday to give taxpayers stock certificates for their share of the government's ownership stake in General Motors Co. and Chrysler Group LLC.
Canada's Magna, Russian bank bid for 55 percent stake in OpelJuly 22nd, 2009 TORONTO - Canadian auto-parts giant Magna and the Savings Bank of the Russian Federation (called Sberbank) have jointly submitted a bid to acquire a 55 percent stake in the troubled General Motors' Opel. Belgium's investor RHJ International and China's Beijing Automotive Industries are the other two bidders.
Group of bondholders, trio of unions file objections to GM sale planJune 19th, 2009 Bondholders, unions file objections to GM saleNEW YORK — A group of General Motors Corp. bondholders and some of the automaker's labor unions have filed objections to the company's plan to sell its assets to a new company to emerge from bankruptcy protection.
Most Americans disapprove of government takeover of GMJune 12th, 2009 WASHINGTON - Most Americans have expressed their unhappiness over the federal government taking over auto giant General Motors, a FOX News poll released Thursday says. Fifty eight percent to 38 percent voters across the country say they disapprove of the government takeover and majority ownership stake in General Motors.
Republican lawmakers press for deadline to end government stake in GM, ChryslerJune 11th, 2009 Senators seek deadline for stake in GM, ChryslerWASHINGTON — Republicans want the Obama administration to set a deadline for the government to sell its ownership stakes in General Motors Corp., Chrysler LLC and financial institutions. South Dakota Sen.
Canadian PM says Canada had to bail out GM to keep jobs in the countryJune 1st, 2009 Canadian PM says country had to bail out GMTORONTO — Canada's prime minister says the country would have lost hundreds of thousands of jobs if it hadn't joined with the U.S. government in bailing out General Motors.
GM to file bankruptcy; US will take 60 percent ownership and attempt to reorganize carmakerJune 1st, 2009 GM to reorganize in government-led bankruptcyNEW YORK — General Motors, the century-old automaker battered by the economic downturn, mounting debt and management problems, will file for bankruptcy Monday as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. It will be the largest industrial bankruptcy in U.S.
GM to file for bankruptcy early Monday: ReportJune 1st, 2009 WASHINGTON - US auto giant General Motors is expected to file its bankruptcy papers at 8 a.m. (1200 GMT) in New York, the Wall Street Journal reported online Sunday.
Majority of GM bondholders agree to swap debt for sharesJune 1st, 2009 Washington, June1 (DPA) On the eve of a bankruptcy anticipated to be one of the country's largest ever, a majority of creditors to the floundering General Motors agreed Sunday to a swap of debt for partial ownership and warranties on shares of a new GM. About 54 percent of the investors, or 975 institutions, agreed to a newly sweetened offer from the government which would give them up to 25 percent of the company, according to Elliot Sloane, spokesman for the bondholders' ad hoc committee, according to Bloomberg financial news service.
AP Sources: General Motors to file bankruptcy; Government to take 60 percent ownership stakeJune 1st, 2009 AP Sources: General Motors to file for bankruptcyWASHINGTON — General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government's reach into big business. Underscoring the government's extraordinary role, President Barack Obama planned to announce his support for GM's restructing strategy at a midday appearance at the White House, much as he did in April when Chrysler sought court protection.
Obama's Day: The president will offer his support for GM's restructuring planJune 1st, 2009 Obama to address GM bankruptcy on MondayWASHINGTON — President Barack Obama plans to announce his support for General Motors' restructuring strategy at a midday appearance at the White House. The struggling automaker files for bankruptcy protection Monday in a deal that will give U.S.
GM workers 'go with the flow' on the day of the company's historic bankruptcy filingJune 1st, 2009 GM workers 'go with the flow' on bankruptcy dayORION TOWNSHIP, Mich. — General Motors Corp.
GM in last-ditch talks to avoid bankruptcy as deadline looms (Lead)May 23rd, 2009 CHICAGO - General Motors (GM) has reached a tentative labour agreement with the United Auto Workers (UAW) union in a bid to remove one of the major obstacles in its restructuring. According to Detroit News, GM autoworkers are to vote soon on the deal, as the company moves toward a government-imposed June 1 deadline to restructure or file for bankruptcy.
General Motors shares fall as new stock offering, bankruptcy threat scare investorsMay 12th, 2009 GM shares tumble to lowest level since depressionDETROIT — Shares of General Motors Corp. tumbled to their lowest level since 1933 Tuesday morning as investors feared significant dilution of their stock values or bankruptcy as the company approached a June 1 restructuring deadline.
General Motors CEO says company can still avoid bankruptcy despite daunting restructuring listMay 4th, 2009 New GM CEO says company can still avoid bankruptcyDETROIT — General Motors CEO Fritz Henderson says the automaker still can avoid bankruptcy but it has a lot of work left before the government's June 1 deadline. Henderson said Monday in an interview with The Associated Press that "it's still possible" for GM to stay out of bankruptcy, and that's the company's preference.
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