General Motors' loss-making carmaker Saab Automobile on Friday sought legal protection from creditors to allow it to restructure and seek new funding for continued production.
Faced with mountainous debts, parent GM is itself restructuring, and in a plan submitted to the U.S. Treasury this week it said Saab would become an independent business as of January 1, 2010.
Saab made a loss of about 3 ...
General Motors' loss-making carmaker Saab Automobile said on Friday it would seek legal protection from creditors to allow it to restructure and seek new funding.
Faced with mountainous debts, parent GM is itself restructuring, and in a plan submitted to the U.S. Treasury this week it said loss-making Saab would become an independent business as of January 1, 2010.
Saab made an operating loss o...
General Motors' loss-making carmaker Saab Automobile said on Friday it would file for a reorganization plan, a Swedish legal procedure which would give it protection from creditors.
We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready ...
would be to find future vehicles that match the Saturn brand: fuel-efficient, safe, reliable and affordable, Lajdziak said.
From a retailing perspective, we would build on our core strength of unmatched customer service, she said.
GM created Saturn in 1984 in a bid to compete head-on with Japanese vehicles for quality and customer service.
The first Saturn dealerships opened in 1990 and ...
The board of General Motors' Saab met on Thursday, a union representative said, amid reports the Swedish carmaker was set to file for protection from creditors.
Earlier on Thursday, Swedish public service radio reported, without disclosing its sources, that Saab's board had called an extraordinary meeting to decide on a reorganization of the carmaker.
A reorganization filing, whic...
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...
STUTTGART/WASHINGTON - Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.
As GM and Chrysler put the finishing touches to blueprints showing how they will pay back billions of dollars of government loans, Chrysler's German ex-owner Daimler said it...
Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.
WASHINGTON - The U.S. government will release $4 billion in additional aid to General Motors Corp on Tuesday as planned, a White House aide said on Monday, ahead of the deadline for the automaker to submit a new survival plan.
The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.
GM is seeking conce...
Representatives of bondholders with some $28 billion in General Motors Corp debt have outlined specific proposals to the automaker on how to swap the debt for equity in a restructured company, a person with knowledge of the talks said on Monday.
suggesting they still have an immediate need for another $5 billion.
Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed.
Chrysler, controlled by private equity firm Cerberus Capital Management LP, has been granted $3 billion and is seeking an additional $4 billi...
suggesting they still have an immediate need for another $5 billion.
Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed.
My real interest in this is how much cash has to be put in, Coulter said.
A parallel set of talks have been under way at GM's smaller r...
Negotiators for General Motors Corp and the United Auto Workers union, staring down a Tuesday deadline for the struggling automaker to submit a plan for its survival to the U.S. government, were making progress in high-stakes talks aimed at cutting GM's costs and debt, a person familiar with the matter said.
President Barack Obama has decided to launch a government task force for restructuring the struggling U.S. auto industry instead of naming a car czar with sweeping powers, a senior administration official said on Sunday.
General Motors said on Tuesday that it will cut its global work force by nearly 10,000, or 14 percent, this year and impose pay cuts on most of the remaining jobs
