Wed, 09/02/2009 - 23:15 by surajdogra
Detroit -- Al Koch, in charge of selling assets General Motors Corp. left in bankruptcy court, said potential buyers have inquired after some GM facilities.
But "it's not possible, until the process unfolds for a little bit, to tell the shoppers from the buyers. These are very, very large facilities," Koch told The Detroit News.
Analysts said some facilities left over from the pre-bankruptcy GM are likely to be broken down. Some are very old. Some are huge. Others require extensive environmental clean-ups, the News said.
Up for grabs are 127 properties, including 15 factories, vacant land, landfills and a church in rural Indiana, the News said.
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Wed, 09/02/2009 - 23:15 by surajdogra
Detroit -- Al Koch, in charge of selling assets General Motors Corp. left in bankruptcy court, said potential buyers have inquired after some GM facilities.
But "it's not possible, until the process unfolds for a little bit, to tell the shoppers from the buyers. These are very, very large facilities," Koch told The Detroit News.
Analysts said some facilities left over from the pre-bankruptcy GM are likely to be broken down. Some are very old. Some are huge. Others require extensive environmental clean-ups, the News said.
Up for grabs are 127 properties, including 15 factories, vacant land, landfills and a church in rural Indiana, the News said.
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Thu, 08/06/2009 - 00:20 by Salinder Kumar
Grand Blanc, Mich. -- The General Motors Corp.says it has officially terminated its sponsorship of the PGA Tour's annual Buick Invitational at Grand Blanc, Mich.
The termination had been expected because the cash strapped auto maker anticipates dumping as many as 13,000 jobs by the end of the 2009 calendar year, part of an ongoing structuring procedure.
"Its a sad day to have to announce that news," Larry Peck, national promotions manager for Buick-GMC, told the Detroit News in a statement late Tuesday.
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Thu, 07/30/2009 - 00:16 by surajdogra
Detroit -- U.S. automaker General Motors Corp. said its hydrogen fuel-cell research program was in danger of falling behind as funding grows scarce.
"The program has not slowed down at all. The issue is, going forward, do we have sufficient money to operate at that rate," GM's vice president of research Larry Burns told USA Today Wednesday.
The program is years away from putting a hydrogen fuel-cell car on the market, but it has been able to run steadily in spite of GM's bankruptcy filing this summer.
But the program is likely to be under more scrutiny this year. GM's commercial business has received about $50 billion in government bailout funds prior to and during its bankruptcy proceeding.
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Tue, 07/14/2009 - 00:14 by surajdogra
New York -- General Motors Corp., fresh out of bankruptcy, can proceed with a deal to help U.S. parts supplier Delphi out of its own bankruptcy process, a judge said.
U.S. Bankruptcy Judge Robert Gerber, presiding over the GM bankruptcy case, said Monday the automaker can join with Parnassus Holdings LLC for a deal in which GM will invest $2 billion in Delphi and provide the company a $500 million loan.
Platinum Equity LLC, the parent company of Parnassus, will invest $250 million and
loan $250 million to the parts supplier, which has been in bankruptcy since 2005, The Detroit News reported.
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Sun, 07/12/2009 - 12:22 by preet_20
Detroit, July 12: General Motors Corp. promises the slimming down process, as it tries to recover its position in the U.S. auto industry, will include its top management.
"It's a very painful process," Chief Executive Officer Fritz Henderson told The New York Times. "We don't have a lot of bad executives. We just have too many of them."
Henderson said in an interview Friday 400 of the 1,300 top executive jobs will be cut through resignation or retirement.
In recent years, thousands of GM hourly workers, foremen and office workers have been laid off and plants have closed. But executive ranks at the top were not affected.
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Thu, 07/09/2009 - 23:47 by Salinder Kumar
Washington -- U.S. auto dealers praised a House initiative that would mean life support to more than 3,000 businesses cut out of the picture by bankrupt automakers.
General Motors Corp. intends to cut 1,300 dealerships, while Chrysler has already closed 789 retail outlets. In addition, GM expects about 1,200 dealerships to exit the business on their own.
Both companies have had their plans approved in bankruptcy court from which Chrysler emerged with a sale of its assets to Fiat.
That did not end the debate, however. The Automobile Dealer Economic Rights Restoration Act, sponsored by Rep. Daniel Maffei, D-N.Y., now has 202
cosponsors, The Detroit News reported Thursday.
A Senate version of the bill has 14 sponsors.
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Thu, 07/09/2009 - 00:25 by Salinder Kumar
Washington -- The U.S. House Appropriations Committee agreed to a measure that would force General Motors Corp. and Chrysler LLC to keep auto dealerships open.
The automakers have attempted to sever connections with about 3,000 auto
dealers in their bankruptcy proceedings. GM has plans to cancel contracts with nearly 1,400 dealerships, while Chrysler closed 789 dealerships last week as part of its restructuring plans.
The measure, which would overturn the closures, was approved as an amendment to the Financial Services spending bill, The Detroit News reported Wednesday.
A separate House proposal that would force the automakers to maintain their full contingent of dealerships has 202 co-sponsors, the newspaper said.
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Tue, 07/07/2009 - 23:39 by surajdogra
New York -- Two groups objecting to General Motors Corp.'s bankruptcy plan have filed appeals in New York that could temporarily derail GM's sprint to sell its assets.
GM filed for bankruptcy June 1 and was granted permission Sunday to sell its good assets in a restructuring plan that gives large shares of the company to the U.S. and Canadian governments and to the United Auto Workers union.
Bankruptcy Judge Robert Gerber scheduled a hearing for 7 p.m. Tuesday to hear arguments on the appeals filed by the Ad Hoc Committee of Asbestos Personal Injury
Claimants and the Individual Accident Litigants, the Detroit Free Press reported Tuesday.
Both groups have asked that the U.S. District Court pass the appeals directly to the U.S. Court of Appeals.
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Tue, 07/07/2009 - 22:51 by surajdogra
New York -- U.S. automobile seat producer Lear Corp. filed for bankruptcy protection Tuesday after securing funds to keep its business in operation, court records show.
The company that produces 54,000 auto seats each day in 36 countries said it had $1.27 billion in assets and $4.5 billion in debts, The Detroit News reported.
Sales in 2008 reached $13.6 billion.
Its restructuring plan calls for most of the company's good assets to be transferred to secured lenders and noteholders, while the "bad" assets would be sold under the Section 363 of the bankruptcy code.
General Motors Corp. and Chrysler LLC used Section 363 to race through bankruptcy proceedings.
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Mon, 07/06/2009 - 23:09 by surajdogra
New York -- U.S. auto giant General Motors Corp. said it would conduct a sale of its valuable assets by the end of the week.
U.S. Bankruptcy Court Judge Robert Gerber Sunday approved the sale of General Motors Corp. to salvage the company in the midst of a severe slump.
"Bankruptcy courts have the power to authorize sales of assets at a time when there still is value to preserve -- to prevent the death of the patient on the operating table," Gerber wrote in a 95-page opinion, The New York Times reported Monday.
GM Chief Executive Officer Frederick "Fritz" Henderson said Monday he expected "the sale to close immediately after the appeal process is exhausted later this week," The Detroit News reported.
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Fri, 07/03/2009 - 22:46 by surajdogra
New York -- An attorney representing General Motors Corp. bondholders told U.S. Bankruptcy Court Judge Robert Gerber the government was bluffing with a July 10 deadline.
Representing the U.S. Treasury, Harry Wilson had told the judge that GM needed to complete a sale of its good assets by July 10 or the government would back away from its $30 billion commitment to purchase 61 percent of the company.
But attorney Michael Richman said the government had made a "conscious, strategic decision," to avoid a traditional reorganization of the company, which was an "awesome gamble," The Washington Post reported Friday.
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