General Motors Corp moved closer to filing the largest U.S. industrial bankruptcy after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand, Opel.
Germany aims to narrow the field of bidders for General Motors unit Opel on Wednesday and reach a deal to provide the carmaker with temporary financing should its U.S. parent file for bankruptcy.
The European Commission will organise a meeting of European Union industry ministers to discuss the sale of carmaker Opel, a spokesman for the EU executive said on Wednesday.
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General Motors Corp said on Wednesday that a crucial bond exchange proposal failed to gain enough support and that its board of directors would meet to review the automaker's options, clearing the path for what would be the largest U.S. industrial bankruptcy ever.
Bidders for German carmaker Opel are being pressed to make last-minute changes to their offers ahead of a meeting on Wednesday that could narrow the field of potential investors in the General Motors unit.
Bidders for German carmaker Opel are being pressed to make last-minute changes to their offers ahead of a meeting on Wednesday that could narrow the field of potential investors in the General Motors unit.
The German government is due to decide on Wednesday which bidder or bidders it prefers as a partner for the Opel unit of struggling U.S. carmaker General Motors, and could agree to provide aid for the firm.
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 within days.
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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 within days.
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.
As General Motors Corp creeps toward bankruptcy, Japanese auto executives have grown less worried about the turmoil in the supply chain and dealer channels the demise of the No. 1 U.S. car maker would cause.
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. President Barack Obama said in an interview released on Saturday he was confident General Motors would thrive after restructuring, but he made no mention whether the ailing automaker might have to enter bankruptcy to complete reorganization.
German Economy Minister Karl-Theodor zu Guttenberg said Fiat had improved its bid for General Motors' Opel unit and said other bidders may be willing to sweeten their offers as well.
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's biggest bondholders plan to reject the company's current offer for a 10 percent equity stake, a spokesman for the creditors said on Friday.
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.
