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.
Senate committee to review Obama auto task's restructuring of GM, ChryslerJune 8th, 2009 Senate panel to question Obama auto task forceWASHINGTON — A Senate committee plans to question two members of the White House's auto task force about using taxpayer money to restructure General Motors and Chrysler. The Senate Banking Committee will hear from Ron Bloom, a senior adviser to the auto task force, and Edward Montgomery, who serves as the Obama administration's director of recovery for auto communities and workers.
Obama says both GM and Chrysler will survive current financial convulsions, will prosperJune 1st, 2009 Obama: Taxpayer are reluctant shareholders in GMWASHINGTON — President Barack Obama is defending the government's intervention in the auto industry, saying the collapse of GM and Chrysler would have been devastating for the economy and American workers. Obama said his policies will help both General Motors Corp.
Auto suppliers want Congress, Obama to protect supply base amid summer factory shutdownsMay 9th, 2009 Auto suppliers urge lawmakers to protect baseWASHINGTON — Auto suppliers say the auto industry's supply base could be threatened by factory shutdowns by General Motors and Chrysler. In a letter to congressional offices on Friday, the Motor & Equipment Manufacturers Association said the supplier industry is in crisis and during the shutdowns many suppliers will have no choice but to permanently close their facilities this summer.
$3.8 bn Canadian loan for auto giant ChryslerMay 1st, 2009 TORONTO - Canada will loan $3.8 billion to Chrysler in return for a two percent stake and a say in management as the troubled auto giant undertakes restructuring to survive. The governments of Canada and Ontario province - where most auto plants exist - will jointly pick up the tab, Prime Minister Stephen Harper announced here Thursday.
Chrysler declaring bankruptcy, seals deal with FiatApril 30th, 2009 WASHINGTON - The long ailing US carmaker Chrysler was to enter bankruptcy protection Thursday after last-ditch efforts to get an out-of-court agreement with its creditors collapsed, President Barack Obama announced. But Obama said the company had also finalised an alliance with Italian carmaker Fiat, as part of a broad deal that will be presented in the Chapter 11 bankruptcy that will be filed in New York.
Obama says he has no interest in running auto companies but government has a role to playApril 30th, 2009 Obama says he has no interest in running autosWASHINGTON — President Barack Obama says the government should help Chrysler and General Motors stabilize but then should get out of the auto business as quickly as possible. The government is working on ways to help the two struggling auto giants survive with public money and increased federal involvement.
Obama says he does not want to run auto companiesApril 30th, 2009 WASHINGTON - President Barack Obama has said that he does not want to run American auto companies, which are presently experiencing a major crisis. "I don't want to run auto companies, and I don't want to run banks.
Obama hopeful for resolution that keeps Chrysler viableApril 30th, 2009 Obama hopeful for resolution in Chrysler caseWASHINGTON — President Barack Obama says he is "very hopeful" for a resolution that keeps Chrysler a viable auto company. Chrysler has borrowed $4 billion from the government since the beginning of the year and could soon be in danger of running out of cash without more help.
Obama says not clear Chrysler will make Thursday deadline to meet restructuring requirementsApril 29th, 2009 Obama says not clear Chrysler will meet deadlineARNOLD, Mo. — President Barack Obama says it isn't clear whether Chrysler LLC will be able to meet the government's Thursday restructuring deadline.
Canadian Auto Workers union says it's hopeful a deal with Chrysler CanadaApril 24th, 2009 Canadian union says deal near with ChryslerTORONTO — The Canadian Auto Workers union says it is close to agreement on a deal with Chrysler Canada. CAW spokeswoman Shannon Devine says she is hopeful a deal will be reached late Friday afternoon.
GM, Chrysler vehicle buyers get government warranty in CanadaApril 8th, 2009 TORONTO - Canada Tuesday followed the US in unveiling its own package to back warranties for vehicles sold by the sinking General Motors and Chrysler in a bid to calm buyer fears. The government will spend about $185 million under the warranty plan for the auto sector which is the backbone of the Canadian economy and employees hundreds of thousands of people.
Canada unveils $4 bn interim loan to GM, ChryslerMarch 31st, 2009 TORONTO - Canada Monday announced $4 billion in interim loans to General Motors (GM) and Chrysler as the struggling auto giants undertake government-supervised restructuring plans. Unlike the Obama administration in the US, the Canadian government has, however, stopped short of asking for top-level executive changes.
US stocks slide amid concerns for car industryMarch 31st, 2009 NEW YORK - US stocks tumbled Monday amid concerns over the fate of the struggling car industry, which will be given a last chance to restructure operations or lose government support. President Barack Obama said that General Motors Corp and Chrysler LLC had so far failed to prove that they can survive.
Restructure or face bankruptcy, Obama tells US carmakersMarch 30th, 2009 WASHINGTON - The struggling US car industry will be given one last chance to restructure operations or lose the government's support, President Barack Obama announced Monday, declaring that General Motors Corp. and Chrysler LLC.
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