Canadian auto parts group Magna has reached a preliminary deal with General Motors Corp to invest in Opel, boosting hopes for a deal to save the German unit as its U.S. parent prepares to enter bankruptcy.
U.S. automaker Chrysler LLC neared approval for its sale to a group led by Italy's Fiat SpA after three days of testimony ended and parties shifted their attention to 350 objections -- although opponents are likely to file immediate appeals.
Auto parts maker Magna International took pole position in the battle for General Motors' German unit, Opel, after reaching what sources said was a preliminary deal with GM.
U.S. automaker Chrysler hopes to end a third day of bankruptcy court hearings on Friday with approval to sell most of its operations to a group led by Italy's Fiat, although opponents are likely file immediate appeals.
Lee Iacocca, the car executive credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of his pension and a guaranteed life-long company car due to the U.S. automaker's bankruptcy filing two decades later.
Germany raced to overcome a transatlantic spat and growing tensions among Opel bidders to clinch a deal for the German carmaker on Friday, as parent General Motors hurtled toward bankruptcy.
General Motors Corp persuaded its major bondholders to accept a sweetened ownership plan on Thursday, a deal that could result in a smoother ride for the carmaker through bankruptcy.
General Motors Corp appeared to clear a major hurdle on its way to filing the kind of bankruptcy it favors on Thursday by persuading major bondholders to accept a sweetened deal -- even as talks over the carmaker's Opel unit stalled.
U.S. auto parts makers Visteon Corp and Metaldyne Corp filed for bankruptcy on Thursday, becoming the latest casualties of the global auto industry crisis and adding to the pressure on cash-strapped automakers.
Auto parts makers Visteon Corp and Metaldyne Corp filed for Chapter 11 bankruptcy protection for their U.S. operations, becoming the latest casualties of the global auto industry crisis.
Auto parts makers Visteon Corp and Metaldyne Corp filed for Chapter 11 bankruptcy protection for their U.S. operations, becoming the latest casualties of the global auto industry crisis.
Concerns about the debt burden facing countries trying to spend their way out of the economic downturn spooked investors on Thursday despite optimism from President Barack Obama that the U.S. economy was past the worst.
General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed, while the fate of GM's European brand Opel remained uncertain after marathon talks with German officials ended without a deal.
General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed and as German officials held marathon talks to decide the fate of GM's European brand Opel.
What's cheaper than a fire sale? Answer: A government give-away.
Chrysler looks set to clear its last major hurdle in its sprint through bankruptcy court as soon as Thursday, when a judge is expected to overrule more than 340 objections and approve its sale to a group that includes Fiat.
General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand Opel.
General Motors Corp moved closer to filing the largest U.S. industrial bankruptcy after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand Opel.
General Motors Corp moved closer to filing the largest U.S. industrial bankruptcy after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand, Opel.
General Motors Corp said on Wednesday that a crucial bond exchange proposal failed to gain enough support and that its board of directors would meet to review the automaker's options, clearing the path for what would be the largest U.S. industrial bankruptcy ever.
U.S. automaker Chrysler LLC said on Tuesday it submitted proposals totaling $448 million to the U.S. Department of Energy to research and develop electric vehicles and plug-in hybrid models.
General Motors Corp has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy within days.
