Lets Hang Together or We Will Surely Hang Apart!
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 [...]
Obama Says Auto Industry Needs to do More
WASHINGTON (AP) — President Barack Obama says General Motors Corp., Chrysler LLC and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future.
Obama, in an interview with CBS’ “Face the Nation” broadcast Sunday, said the [...]
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 [...]
Auto Loans Could Come By Friday
WASHINGTON — Treasury Department officials are weighing the condition of the nation’s banks before they loan money to General Motors Corp. and Chrysler LLC, possibly by Friday.
Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates [...]
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