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Autos: Cerberus Loses Equity, New GM CEO Says Bankruptcy "may be best option"
Calculated Risk —
... of the Treasury Department’s bailout deal with the U.S. auto maker ... The New York private-equity firm purchased an 80% stake in Chrysler in 2007 ... In term sheets released by the Treasury Department on Monday, the government said Chrysler’s restructuring “at a minimum will require extinguishing the vast majority of Chrysler’s outstanding secured debt and all of its unsecured debt and equity.” I wonder if any banks still hold Chrysler debt? And from CNBC: New GM CEO: Bankruptcy May Be Best Option for Automaker General Motors's new chief ...
New GM CEO: Bankruptcy May Be Best Option for Automaker
Democratic Underground Latest Breaking News —
Source: CNBC/NBC General Motors's new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker. In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama administration to restructure, GM is considering the bankruptcy option. The auto giant previously had ruled out such a move, saying it would discourage people from buying GM cars. Read more: http://www.cnbc.com/id/29960093 I know, I know, CNBC. But I think it is still news right??
Buh Bye GM
Riehl World View —
... Well, now we know why Wagoner is out. Say goodbye to GM in its current form. I can imagine what the stock will do tomorrow. The government warranty deal was a fairly clear tell on this. The question is, how will the UAW fair? I expect it will still do pretty well somehow. ...
As GM goes, so go your tax dollars
The Moderate Voice —
... themselves of some of their legacy costs and remove the crushing weight of the albatross around their necks by the United Auto Workers.
Nay nay, we were told! Not only is GM too big to fail, but they are an American icon, right up there with the Statue of Liberty and the original Betsy Ross edition of the Stars and Stripes. All they need is a bit more time and some of our money to reorganize and begin producing lean, green cars that people actually want.
Well… so much for that plan.
General Motors’s new chief executive told CNBC that ...
Is GM Headed For Bankruptcy Afterall?
DownWithTyranny! —
... are nowadays.) Makes me feel just great that my taxes went to pay for that! Most of the Board of Directors is also going, but the new CEO is Fritz Henderson, Wagoner's #2. His first public statement was that maybe bankruptcy is the best alternative for GM. But what's GM? The product line? The workers? The shareholders? The bondholders? Management? The American automotive industry and GM's contextual place in American society? ...
Obama’s new GM CEO: You know, bankruptcy looks really good now
Hot Air » Top Picks —
... The man now running General Motors after Barack Obama demanded the resignation of former CEO Rick Wagoner wants to thank America for all the cash. Really, he does. Fritz Henderson just doesn’t think it will help, and wants to declare bankruptcy — as conservatives suggested before we spent $14 billion to prop them up: General Motors’s new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker. In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama ...
GM CEO: Thanks for the Money, I Think We'll Declare Bankruptcy Now
Little Green Footballs —
... Now he tells us: GM’s New CEO: Bankruptcy May Be Best Option for Automaker. ...
Call the Bluff
A Blog For All —
General Motors new CEO Fritz Henderson (the replacement for the now dispatched-at-the-behest-of-President-Obama Jeff Wagoner) now says that the company may face bankruptcy despite the multibillion dollar bailout. General Motors’s new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker. In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama administration to restructure, GM is considering the bankruptcy option. The auto giant previously had ruled out ...
Shots from the Show 3/31
Tammy Bruce —
... Taliban Chief Vows 'Amazing' Attack on Washington 'Soon'
Oh yeah, and great timing for this:Senator: Expect painful cuts in Pentagon budget
Finally, the best meeting Obama has ever had, resulting in the least amount of damage.
Walgreens giving free care to jobless and uninsured
Thug Takes Shot at Gun Granny
You know those car people who said bankruptcy was not an option? Then got $14 billion from us? Now say bankruptcy is an option.
