Stocks fell sharply on Monday as the Obama administration raised the specter of bankruptcy for U.S. automakers General Motors and Chrysler and Spain had to rescue regional savings bank CCM.
The U.S. task force overseeing the restructuring of the auto industry on Monday said the plans submitted by General Motors Corp and Chrysler failed to show how they could be viable.
The Obama administration seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's CEO, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.
General Motors Corp, whose chief executive was forced out by the Obama administration on Sunday, and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release on Monday.
President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
A U.S. congressman has asked the Obama autos task force to withhold further emergency aid to Chrysler until the automaker resolves a financial dispute with an Indiana county stemming from a failed plant project.
President Barack Obama said on Thursday the administration would unveil its next steps to help the troubled U.S. auto industry in the coming days, provided the companies push ahead with a sweeping restructuring.
President Barack Obama said on Thursday that struggling U.S. auto companies could expect some government aid if they commit to restructuring their businesses and that an announcement on the issue was coming soon.
General Motors Corp said on Thursday that 7,500 workers -- or about 12 percent of its U.S. factory workforce -- represented by the United Auto Workers union had accepted buyout offers to leave the struggling automaker's payroll.
Chrysler LLC said on Thursday that it had extended the deadline for its blue-collar workers to accept retirement incentives and buyouts to leave the company.
Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37 percent to $13.6 million last year and he received no bonus -- but he won't have to fly commercial.
Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37.4 percent to $13.6 million in 2008 from the prior year as the automaker fought a downturn in auto sales, the company said on Tuesday.
Government aid requests from General Motors Corp and Chrysler may rise considerably, a top adviser to President Barack Obama's auto task force said in a Bloomberg Television interview.
Chrysler LLC said on Friday that Italy's Fiat SpA would not assume any of its debt under a proposed alliance between the automakers, backing down from a claim it had made just a day earlier in a bid to bolster support for the deal.
Chrysler LLC said on Friday proposed partner Fiat SpA would not assume any of its debt if it takes an equity stake in the U.S. automaker.
By Gilles Castonguay
Italy's Fiat SpA denied on Friday it would assume any current or future debt from Chrysler LLC , the troubled U.S. car maker with which it plans to form a partnership.
Chrysler said proposed partner Fiat SpA would assume 35 percent of its debt to the U.S. government and the U.S. automaker would no longer pay retention bonuses to key executives.
The Obama administration pledged up to $5 billion on Thursday to aid stressed auto suppliers crucial to the survival of U.S. car manufacturers.
A healthcare agreement struck between Ford Motor Co and the United Auto Workers would not work for General Motors Corp , GM's chief executive said on Tuesday.
Advisers to bondholders of General Motors Corp said on Monday they have presented a framework plan to President Barack Obama's autos task force and the ailing No. 1 U.S. automaker that provides the company's best chance for an out-of-court restructuring.
