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WSJ: GM Seeks as Much as $16.6 Billion, to Cut 47,000 Jobs
Democratic Underground Latest Breaking News —
... jobs this year around the world. GM, however, said it failed to strike critical deals with the United Auto Workers union and bondholders to reduce labor costs and shrink its $47 billion debt load. Negotiations with both parties are expected to continue. Meanwhile, Chrysler LLC is seeking an additional $2 billion in federal funds on top of the $7 billion bailout it requested in December as part of the viability plan submitted to the Treasury Department on Tuesday afternoon. Read more: http://online.wsj.com/article/SB123489494750801713.html
Forget nationalizing banks
Comments from Left Field —
Let’s nationalize GM, first.
General Motors Corp. and Chrysler LLC told the federal government they need at least $21.6 billion more combined in bailout loans to put them on the road to recovery, and outlined possible scenarios if either auto maker should have to file for bankruptcy protection. [...]
GM also said it will shut five more factories on top of the closures it had already planned. In addition, it plans to eliminate thousands of dealerships and slash 47,000 jobs this year around the world. ...
GM, Chrysler Seek Billions for Dumb Business Plan
Outside The Beltway | OTB —
... they’re trying to sell now will soon go out of production, which means the companies won’t be making spare parts for them, which means no one who isn’t an idiot will buy one of them. Further, if the idea is to cut costs and they’ve figured out that the Aspen, Durango, and PT Cruiser are unprofitable why not stop making them now ? Explain again why we didn’t just let the companies declare bankrupcy and do this restructuring without taxpayer money? Which, by the way, might happen anyway : GM said it might need as much as $100 billion in financing from the government if it were ...
Carmakers Want Another Bite
Real Clear Politics - TIME.com —
GM and Chrysler are asking for another $14 billion (the WSJ and LAT say the number is closer to $22 billion) in government loans to stay solvent. While this is a headline running in newspapers all across the country, it's not really news. Anyone who didn't think that these two companies would be coming back to the government to ask for more money were either clueless or naive. The only surprise is how quickly they came back and how much money they're asking for: G.M. said Tuesday that it had increased its overall loan request from the government to a total of ...
Worth More Dead Than Alive
The Glittering Eye —
General Motors has produced its reorganization plan:
The submission of the recovery plans was required under terms of the U.S. loans the auto makers received in early January.
GM said it now plans to phase out its Hummer brand this year and Saturn in 2011 if no alternatives arise. Earlier, it said it was trying to sell Hummer and was re-evaluating the future of Saturn. The company also is scaling back Pontiac and trying to sell Saab, its Swedish brand.
GM also said it will shut five more factories on top of the closures it had already planned. ...
Hugh Hewitt: GM, Chrysler, and Mortgages: A Second Chance At Clarity, Purposefulness and Bipartisanship
Townhall.com Blog's TownHall Blog —
... , a day after GM and Chrylser filed their restructuring plans and sought $21 billion in new aid . The plan for dealing with homeowners struggling to pay mortgages could in an instant reverse a lot of the psychology of fear that has gripped many people -- if the terms of the plan are clear and the promise of timely assistance is specific and believable. Simple, direct explanations of who is eligible for what would be a wonderful change from the many plans over the past year that few understood and fewer used. Anything that helps build the bottom on housing powers the ...
Hugh Hewitt: GM, Chrysler, and Mortgages: A Second Chance At Clarity, Purposefulness and Bipartisanship
Hugh Hewitt's TownHall Blog —
... , a day after GM and Chrylser filed their restructuring plans and sought $21 billion in new aid . The plan for dealing with homeowners struggling to pay mortgages could in an instant reverse a lot of the psychology of fear that has gripped many people -- if the terms of the plan are clear and the promise of timely assistance is specific and believable. Simple, direct explanations of who is eligible for what would be a wonderful change from the many plans over the past year that few understood and fewer used. Anything that helps build the bottom on housing powers the ...
