Chrysler vice-chairman Jim Press said on Tuesday the auto maker was hopeful the automaker had all the criteria necessary to receive additional U.S. government loans.
Chrysler vice-chairman Jim Press said on Tuesday the auto maker was hopeful the automaker had all the criteria necessary to receive additional U.S. government loans.
Auto sales likely hovered around 27-year lows in February as consumers mostly stayed away from buying big-ticket items, spooked by job losses, the deep recession and tight credit.
Auto sales likely hovered around 27-year lows in February as consumers mostly stayed away from buying big-ticket items, spooked by job losses, the deep recession and tight credit.
America's largest automaker has been left dependent on the kindness of strangers -- its fate in the hands of bureaucrats as much as car buyers.
Chrysler LLC, which is seeking $5 billion in additional federal aid to survive, has lowered the thermostat, dimmed the lights and stripped the clocks from the walls of its sprawling headquarters to save cash.
Ford Motor Co, which has not sought U.S. government emergency aid, said on Thursday it has adequate liquidity amid worsening industry conditions and has no doubt about its ability to continue as a going concern.
Chrysler Chief Executive Bob Nardelli was meeting on Wednesday with members of the U.S. auto industry task force as officials begin to review the automaker's request for up to $5 billion in additional aid.
Nardelli was joined in the meeting by Chrysler President Tom LaSorda, who heads the automaker's manufacturing operations, and Chief Financial Officer Ron Kolka, according to a person briefed ...
An Obama administration task force is carefully analyzing restructuring plans of General Motors Corp and Chrysler LLC , but bankruptcy is not the panel's goal, a U.S. senator said on Tuesday.
Democrat Carl Levin of Michigan met with task force members this week on the turnaround plans submitted by GM and Chrysler that include a request for $22 billion more in bailout m...
Ford Motor Co reached a tentative deal with the United Auto Workers that would slash cash payments for its retiree health care, while European governments ruled out rescue plans for General Motors Corp's struggling Opel and Saab units.
The U.S. Treasury also named Steven Rattner, co-founder of private equity firm Quadrangle Group, as an adviser on the restructuring of th...
is subject to ratification by active UAW-Ford members and other conditions, including concessions from other stakeholders.
The proposed modifications were expected to be presented to the union's local Ford leadership at a council meeting early this week, according to the unions.
The modifications will protect jobs for UAW members by ensuring the long-term viability of the company, UAW Pres...
Chinese automaker Beijing Automotive Industry Co said on Monday it has not had talks with Chrysler LLC about buying assets or technology from the U.S. company, denying a domestic media report.
The Chinese Business News, citing an unnamed executive at Beijing Auto, reported on Monday that it had initial talks with Chrysler on buying assets and technology as it seeks to expand globally via acquisit...
Outside advisers to the Treasury are lining up contingency financing options for General Motors Corp and Chrysler LLC as part of a review of restructuring options for the auto makers, a Treasury official said on Monday.
The official commented to Reuters after the Wall Street Journal reported that outside advisers to the Treasury were talking with lenders about financing of at least $40 billion fo...
The U.S. government should consider a proposed merger between Chrysler LLC and Italy's Fiat SpA if it is the only way for the distressed Detroit automaker to survive, a senator said on Thursday.
General Motors Corp is battling to survive collapsing auto demand, tight credit and uncertain prospects for recovery in its biggest markets.
DETROIT - A government-backed bankruptcy reorganization remains an option for saving General Motors Corp and Chrysler LLC, analysts said on Wednesday, even though the automakers have said they would rather not go down that road.
GM and Chrysler asked for billions of dollars more in federal aid on Tuesday and announced sweeping changes including capacity reductions and job cuts.
Some Wall Street...
DETROIT - A government-backed bankruptcy reorganization may still be a viable option for saving General Motors Corp and Chrysler LLC, analysts said on Wednesday, even though the automakers have said they would rather not go down that road.
GM and Chrysler asked for billions of dollars more in federal aid on Tuesday and announced sweeping changes including capacity reduction and job ...
and said it would run out of cash as soon as March without new federal funding. ID:nN17475938
In addition, GM said it expected to be able to borrow up to $6 billion from foreign governments and nearly $8 billion from the U.S. Department of Energy. It warned that without $1.5 billion from asset sales in 2009 it would need even more cash.
The deepening financial problems for GM and Chrysler prese...
a scenario favored by GM Europe's labor leaders.
Efforts by GM to unload assets to raise cash have gone slowly since the automaker announced plans to raise between $2 billion and $3 billion from such steps last summer.
China's Sichuan Auto Industry Group Co denied on Tuesday a report that it was interested in buying Hummer.
($1=.7908 euro)
(Additional reporting by Soyouing Kim, David Bailey...
a scenario favored by GM Europe's labor leaders.
Efforts by GM to unload assets to raise cash have gone slowly since the automaker announced plans to raise between $2 billion and $3 billion from such steps last summer.
China's Sichuan Auto Industry Group Co denied on Tuesday a report that it was interested in buying Hummer.
($1=.7908 euro)
(Additional reporting by Soyouing Kim, David Bailey...
a scenario favored by GM Europe's labor leaders.
Saab could also be sold or closed down, analysts said, though Swedish Industry Ministry Secretary Joran Hagglund told Reuters he was confident GM would not leave Saab unprotected.
Efforts by GM to unload assets to raise cash have gone slowly since the automaker announced plans to raise between $2 billion and $3 billion from such steps last summe...
and would run out of cash as soon as March without new federal funding.
The request for additional aid from the top U.S. automaker came in a restructuring plan GM submitted to U.S. officials on Tuesday.
The GM restructuring plan of more than 100 pages was posted on the U.S. Treasury Web site.
The request came on the same afternoon that No. 3 U.S. automaker Chrysler requested an additional $5 b...
