Archive for the ‘autos’ Category
Monday, June 8th, 2009
The Supreme Court is holding up the transaction with Fiat. WSJ:
The future of Chrysler LLC may be in jeopardy after the U.S. Supreme Court Monday delayed the auto maker's sale to Fiat SpA at the request of several Indiana pension funds and consumer groups opposed to the transaction.
Ahead of the ...
Posted in autos, bailout, bankruptcy | 3 Comments »
Tuesday, June 2nd, 2009
LA Times: GM's Hummer brand to be sold to Chinese company (ht OM)
GM said it has an agreement to sell Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co. It did not disclose the price or other terms, but said it expected the deal to close in the third quarter.
Tengzhong, which ...
Posted in autos, china | 2 Comments »
Thursday, April 30th, 2009
In an odd twist, enough of Chrysler's creditors voted against the administration's reorganization & recapitalization plan to force the automaker into bankruptcy. The filing is expected today. Credit default swaps may be playing a supporting role in this drama, as I'll get to at the bottom...
Yesterday, the reorganization plan seemed ...
Posted in autos, bankruptcy, credit default swaps, politics | 22 Comments »
Monday, April 27th, 2009
This morning GM made an exchange offer to reduce its debt load. To avoid a bankruptcy filing, it said 90% of the company's unsecured bondholders (measured by the principal value of their holdings) would have to accept stock in exchange for their bonds. But if an "ad hoc committee" of ...
Posted in autos | 3 Comments »
Monday, April 27th, 2009
To survive, GM needs to shrink itself to a manageable size. It's new viability plan intends to do just that. The key provision of the plan is to reduce debt, swapping 225 shares of equity for each $1,000 outstanding principal of its unsecured public notes. $27 billion of unsecured notes ...
Posted in autos, bailout, bankruptcy, debt, stocks | 6 Comments »
Wednesday, April 22nd, 2009
AP:
General Motors Corp. is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles, three people briefed on the plan said Wednesday....
The exact dates of the closures are not known, but the people said ...
Posted in autos, bankruptcy | No Comments »
