Ford Motor Co said on Monday it had slashed automotive debt by 38 percent, or $9.9 billion, bolstering its finances amid a deep auto industry downturn and sending its shares up more than 13 percent.
Ford Motor Co has reduced its automotive debt by 38 percent, or $9.9 billion, part of a series of moves to bolster its finances amid a deep industry downturn, sending its shares up more than 11 percent.
Ford Motor Co has reduced its automotive debt by 38 percent, or $9.9 billion, part of a series of moves to bolster its finances amid a deep industry downturn, sending its shares up more than 11 percent.
Bankruptcy is not inevitable for General Motors Corp, said the automaker's new chief executive on Sunday, who is under White House orders to win more concessions from bondholders and unionized workers.
Chrysler LLC's lenders are in talks with the U.S. government to reduce the automaker's debt by swapping some of it out for equity, new debt or a lesser amount in cash, sources familiar with the talks said on Friday.
Chrysler LLC's lenders are in talks with the U.S. government to reduce the automaker's debt by swapping some of it out for equity, new debt or a lesser amount in cash, sources familiar with the talks said on Friday.
Fears that a major U.S. automaker could seek bankruptcy protection are causing auto parts suppliers to demand quicker payments from the manufacturers, exacerbating problems for the already hard-pressed car makers.
U.S. auto sales fell 37 percent in March, a smaller-than-expected drop that encouraged hope that the world's largest car market is nearing a bottom after a freefall that has pulled the industry into a deepening crisis.
U.S. auto sales fell 37 percent in March, a smaller-than-expected drop that encouraged hope the world's largest car market is nearing a bottom after a freefall that has pulled the industry into a deepening crisis.
General Motors Corp on Wednesday reported a 45 percent decline in auto sales for March in the U.S. market, but the drop was broadly within expectations for the struggling automaker.
European car markets reported tentative shoots of recovery on Wednesday but Honda moved to further cut U.S. output as General Motors Corp faced a rising bankruptcy risk and Chrysler raced to secure its survival.
The U.S. government, now directing the turnarounds of General Motors Corp and Chrysler, has said bankruptcy for both could be fast, clean and targeted -- like surgery or a quick rinse.
Fiat SpA's CEO was set for talks with Chrysler LLC labor unions and creditors in Detroit after U.S. authorities gave the carmakers 30 days to set up a partnership to save the ailing U.S. group.
General Motors warned on Tuesday there was a rising chance it could file for bankruptcy by June as Fiat and Chrysler executives met in a race to complete a tie-up the U.S. government has said Chrysler needs to survive.
General Motors Corp and Ford Motor Co announced a new series of incentives covering payments if customers lose their jobs, joining rivals in offering heavy discounts to attract consumers sidelined by the recession.
Fiat's (FIA.MI: Quote, Profile, Research, Stock Buzz) chief executive has flown to Chrysler LLC's CBS.UL home town of Detroit to meet trade unions and creditors after U.S. authorities gave the carmakers 30 days to set up a partnership to save Chrysler.
Ford Motor Co introduced an incentive covering payments for up to a year if customers lose their jobs, joining rivals in offering heavy discounts to attract consumers sidelined by a deepening recession.
Fiat's chief executive has flown to Chrysler LLC's home town of Detroit to meet trade unions and creditors after U.S. authorities gave the carmakers 30 days to set up a partnership to save Chrysler.
Canada said on Monday plans set out by the Canadian units of General Motors Corp and Chrysler don't go far enough to make them viable, but it offered C$4 billion ($3.2 billion) in bridge loans to tide the automakers over while they restructure.
President Barack Obama said on Monday said the U.S. cannot let its auto industry vanish, but didn’t rule out pain ahead for creditors, unions and other group affiliated with General Motors Corp, and Chrysler.
The following are President Obama's prepared comments on the Auto Industry and the outlook for General Motors Corp and Chrysler LLC as provided by the White House.
President Barack Obama seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's chief executive, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.
