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 by the end of this month.
General Motors Corp faces a number of major deadlines and events on Tuesday that will go a long way toward determining how and when the company files for an expected bankruptcy later this week.
United Auto Workers' officials will gather on Tuesday to hear how many more U.S. factory jobs GM will cut as the embattled automaker enters what could be its last week outside bankruptcy.
U.S. automaker Chrysler on Monday slammed Indiana State Treasurer Richard Mourdock as making demands that would ultimately push the carmaker into liquidation -- resulting in the loss of more than 4,000 jobs and 9,000 retiree pensions in Indiana alone.
General Motors Corp on Friday borrowed another $4 billion from the U.S. Treasury and won a cost-cutting deal from Canadian auto workers as a showdown with bondholders set the stage for a bankruptcy filing by the end of the month.
General Motors Corp won a cost-cutting deal from its Canadian labor union on Friday, part of a package of concessions the automaker is expected to take into a federal bankruptcy court by the end of this month in a showdown with its bondholders.
General Motors Corp restructuring efforts are likely to go right up to the June 1 deadline set by the Obama administration, but not beyond, a White House economic adviser said on Friday.
GMAC LLC, which is giving the U.S. Treasury Department a 35.4 percent equity stake, said on Friday it might take 17 years for the government to shed its investment if the auto and mortgage lender were to go public.
The Obama administration is preparing to steer General Motors Corp into bankruptcy next week, The Washington Post reported on Thursday, citing sources familiar with the discussions.
The Obama administration may send General Motors Corp. into bankruptcy next week, giving the company billions of dollars in bailout funds to re-emerge as a viable firm, sources familiar with the matter told the Washington Post.
The U.S. Treasury Department said on Thursday it has put another $7.5 billion into auto lender GMAC to enable it to support both Chrysler LLC , and General Motors Corp Corp car buyers and partly meet a shortage of capital.
The Treasury Department is set to give GMAC LLC at least $7 billion in aid allowing it to expand lending to customers.
General Motors Corp cleared a key obstacle in its restructuring on Thursday as the United Auto Workers agreed to cut labor costs and accept new terms for a $20 billion union retiree healthcare obligation.
Fiat SpA is convinced it has more than a 50 percent chance of succeeding in its bid for Opel because it does not think the other contenders have the expertise to revive the car maker, an Italian newspaper said.
The head of Fiat SpA said it had more than a 50 percent chance of succeeding in its bid for Opel, adding that the other contenders did not have the expertise to save the struggling car maker, according to a newspaper report.
The pursuit of German carmaker Opel has narrowed to a three-way race between Italy's Fiat , Canadian-Austrian car parts group Magna and investment firm RHJ International.
Chrysler’s new chairman, Robert Kidder, a private-equity investor and former consultant who once worked for Ford Motor Co will lead the automaker currently reorganizing under court protection.
A judge declined on Wednesday to postpone Chrysler's bankruptcy to allow a district court to hear arguments about whether the U.S. government exceeded its authority in the reorganization of the automaker.
The tough U.S. fuel economy standards announced by President Barack Obama on Tuesday represents a bonanza for companies that supply hybrid technology and other gas-conserving components needed to meet the new benchmarks.
Staring at the locked gates of a Fiat car factory, Mimmo Vacchiano says many families in this poor corner of southern Italy face a stark choice unless its turnstiles reopen.
Some auto dealers that Chrysler LLC plans to close are beginning a challenge to the automaker's plans to quickly sell itself in bankruptcy.
Cash-strapped General Motors said it expects at least three offers for German unit Opel by Wednesday's deadline, with Italy's Fiat eyeing plans to form Europe's biggest automaker.
