Ford Motor Co's restructuring is on track to bring a profit as soon as 2011, without the need for emergency government bridge loans, executives told stockholders on Thursday at the automaker's annual meeting.
It was relatively easy for the Obamastration to dispense with a band of rogue hedge funds that were worrying the impending Chrysler-Fiat alliance. Once the names of the holdout creditors were made public, their revolt was crushed by public opinion. They used to be so, so cool, but we all hate hedge funds now.
Chrysler LLC plans to shed 789 of its U.S. 3,200 dealerships, many located in the suburbs of major U.S. cities, it said in a bankruptcy court filing Thursday.
Stock index futures pointed to a lower open on Thursday after the number of workers receiving jobless benefits hit another record and consumer bellwether Wal-Mart reported flat quarterly profits.
Ford Motor Co executives face stockholders on Thursday to detail the automaker's plans to complete a turnaround without resorting to U.S. government help and steer clear of the industry collapse now swallowing rivals General Motors Corp and Chrysler.
General Motors Corp and Chrysler aim to drop as many as 3,000 U.S. dealers and are expected to begin sending notifications as early as Thursday, three people briefed on the still developing plans said.
General Motors Corp and Chrysler plan to shed as many as 3,000 U.S. dealers, Reuters reported.
Fiat (FIA.MI) is discussing closing one of its plants in Italy and reducing operations at another, German unions have told their Italian counterparts, an official of Italy's FIM-CISL union told Reuters on Wednesday.
Auto dealers lobbied Congress on Wednesday to try to slow plans by General Motors Corp and Chrysler LLC to cut their ranks.
With General Motors Corp planning to end production of Saturns and Pontiacs at its Delaware plant which employs more than 1,000 people, state leaders are scrambling to win new work at the facility or persuade the company to move other operations to the region.
Chrysler's bankruptcy may take as long as two years, instead of the two months that President Barack Obama suggested as a target, Bloomberg said, citing an administration official.
Ford Motor Co said on Tuesday that it raised $1.4 billion through a 300 million share offer for $4.75 per share, a move that its chief executive said was an important step toward getting profitable again.
Eight hundred of Chrysler’s 2,400 dealers will be dropped and finance agreements will be renegotiated according to dealers who participated in a conference call with a lawyer, the Detroit Free Press reported.
General Motors Corp shares hit there lowest level since the Great Depression on Tuesday and Nissan Motor Co posted a loss and expected more amid the deep global auto downturn.
Chrysler LLC will offer new buyouts to factory workers at seven of its eight U.S. plants slated for closure under its bankruptcy plans, the United Auto Workers union said on Tuesday.
GMAC has
GMAC has issues with some details in a possible agreement to provide financing to Chrysler dealers and customers, attorneys for Chrysler and Chrysler Financial said on Tuesday, and the objections have delayed a hearing on whether GMAC can provide the financing.
The Wall Street Journal off-leads and Bloomberg reports that Ford Motor Co. (F), the most robust of the Big Three, plans to issue 300 million shares of common stock in a public offering that will further distance itself from its crosstown rivals and will take advantage of an 11-week stock rally.
Chrysler's 16,000 salaried retirees will start their fight this week for their benefits in the automaker's bankruptcy restructuring, with the potential to create a public relations headache for the company.
General Motors Corp is open to considering moving its headquarters from Detroit, selling U.S. plants and renegotiating its restructuring plan with its major union as it heads toward probable bankruptcy, the automaker's chief executive said on Monday.
General Motors Corp is open to considering moving its headquarters from Detroit, selling off U.S. plants and even renegotiating parts of its restructuring plan with its major union, the new chief executive said on Monday.
GMAC, the troubled automobile lender, may receive a $7.5 billion infusion from the U.S. government as early as next week, the Washington Post reported in its Saturday edition, citing unnamed sources.
