General Motors Corp on Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.
FRANKFURT - The senior labor leader of German carmaker Opel (GM.N) warned that Fiat's (FIA.MI) ambitious growth strategy was an all-or-nothing bet, rejecting the Italian rival's takeover concept for the GM Europe brand.
GM General Motors Corp. says it may offer current shareholders a reverse stock split where they would receive one share of new stock for every 100 shares they currently own.
If “lean and mean” meant something in the work force two years ago, that motto has ascended to near mantra status by now. Clearly--whether by choice or circumstance--companies are trying to get the job done with fewer employees.
Chrysler won interim approval from a U.S. bankruptcy court to access a $4.5 billion loan as it tried to move ahead in its planned alliance with Fiat SpA, while the Italian automaker advanced its bid for General Motors Corp's European Opel brand.
General Motors on Monday said it will proceed to sell its Saturn unit, in a secured agreement with a specific buyer later this year, which has 400 retailer locations in the U.S. and Canada.
A group of investment funds sought on Monday to block Chrysler's planned alliance with Fiat SpA, while the Italian automaker advanced its bid to overhaul the industry by setting its sights on Germany's Opel.
Fiat SpA's chief executive visits Berlin on Monday to try to convince Germany's political leaders to sign up to his vision for a new European car giant by letting him take over General Motors Corp's Opel unit.
Italy's Fiat SpA could seek a merger of its auto group with General Motors Corp's Europe unit, then spin off the combined company and list it, Fiat said on Sunday.
U.S. auto sales fell 34.4 percent in April as the industry held near the lowest levels in nearly 30 years and closed out the month with Chrysler LLC filing for bankruptcy protection.
General Motors Corp reported a 34 percent decline in April U.S. auto sales on Friday, as low consumer confidence and tight credit continued to pressure the industry.
General Motors Corp will talk to the Korea Development Bank about selling a stake in GM Daewoo, if that would help its South Korean carmaking unit in the long term, Nick Reilly, President GM Asia Pacific, said on Friday.
Chrysler LLC filed for bankruptcy on Thursday and announced an industry-changing deal with Fiat, after being pummeled by sliding auto sales and unable to reach agreement on restructuring its debt.
U.S. automaker Chrysler has filed for bankruptcy and entered an industry-changing deal with Italy's Fiat , in the latest big government intervention in the economy to try to deal with the global crisis.
Chrysler LLC will file for bankruptcy on Thursday after talks to restructure its debt with lenders broke down, U.S. President Barack Obama said on Thursday.
Elon Musk, the Chief Executive of electric automaker Tesla Motors said Tuesday that General Motors should have continued introducing new electric cars after its EV1 models were produced in the 1990s, adding that he hopes that his company’s cars will help spur an electric car revolution.
Chrysler LLC -- battered for the past two years by disappearing global auto sales and the credit crisis -- filed for bankruptcy on Thursday and announced an industry-changing deal with Fiat after talks to restructure its debt broke down.
Chrysler LLC filed for bankruptcy on Thursday after talks to restructure its debt with lenders broke down.
Chrysler LLC is expected to file for bankruptcy on Thursday after talks to restructure its debt with lenders broke down, a U.S. government official said.
Chrysler LLC rushed to clinch a deal on Thursday to stave off collapse ahead of a midnight deadline imposed on the No. 3 U.S. automaker by the Obama administration.
Chrysler LLC rushed to clinch a last-minute deal on Thursday to stave off collapse ahead of a midnight deadline for the third-largest U.S. automaker.
Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy ahead of a government-imposed April 30 restructuring deadline.
