Lets Hang Together or We Will Surely Hang Apart!
Ford Offers Buyouts to All UAW Workers
DETROIT, Dec 21 (Reuters) - Ford Motor Co (F.N) said on
Monday it is offering its 41,000 U.S. factory workers buyouts
and early retirement offers in a bid to reduce its payroll
costs as it aims to return to profit by 2011.
The buyouts mark the second round of such offers [...]
Bankruptcy Leads Possible Plan for Struggling GM and Chrysler
WASHINGTON — The Obama’s administration’s leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
The move would in essence split [...]
Big Three Bailout is Near
DETROIT, Dec 18 (Reuters) - General Motors Corp and Chrysler LLC made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, people familiar with the talks said.
The package would demand sweeping restructuring at the troubled automakers in exchange for bridge loans [...]
GM Plans to Idle 20 Plants, 6 in MI
DETROIT — General Motors Corp., awaiting word on whether the auto industry will get emergency federal aid to stay afloat, will temporarily idle 20 plants across North America and slash production early next year to adjust to plummeting vehicle sales.
The temporary closures are unprecedented in scope. When [...]
Bailouts for Bankers but Nothing for Detroit Automakers?
This is the part of our nation’s surreal economic crisis that seems particularly surreal:
The US auto industry, which employs 3 million Americans in auto plants, parts and supplier networks and dealerships nationwide is broadly understood as being essential to maintaining America as an industrial force.
It’s financial collapse, which [...]
Detroit Auto Industry Is Forever Changed Due to Credit Crunch
LANSING, Mich. — Detroit’s Big Three automakers are forever changed by the current credit crisis, according to a study done by a well-known Michigan economics firm.
The study, from Lansing-based Anderson Economic Group, gives a stark peek into the auto business and reports bankruptcy, radical restructuring [...]
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