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U.S. automaker General Motors

GM gives $27.1 million to Detroit schools

Sun, 12/12/2010 - 08:04 by harsheeb

Detroit -- U.S. automaker General Motors said it would donate $27.1 million over five years to help five public high schools in Detroit.

The specific schools have yet to be chosen, the Detroit Free Press reported Saturday.

Part of the funding would also go to help pre-schoolers get ready for their first day of kindergarten, the newspaper said.

President of GM North America Mark Reuss said, "This is the beginning of making Detroit again a destination."

Recently, GM said it would auction off the first Chevrolet Volt to come off the assembly line and donate the proceeds to the city's public school system.

Bailout stigma: Not easy to leave behind

Sat, 11/27/2010 - 22:52 by harsheeb

Detroit -- U.S. automaker General Motors said banks underwriting its initial public offering had issued 71.7 million shares of common stock in an over-allotment release.

The New York Times said the move puts the value of GM's IPO at $23.1 billion.

The enthusiasm over GM as an investment, said Bruce Clark at Moody's Investors Service, would likely transfer over to the showroom.

"U.S. consumers who don't know anything about over-allocation options or the need for strong liquidity in a cyclical industry knew that something exceptionally good happened to GM last week. That knowledge makes it more likely that they will consider buying a GM vehicle and possibly buy one," Clark wrote in a research note.

GM reduces debt by $11 billion

Sat, 10/30/2010 - 01:13 by Prince damin

Detroit -- U.S. automaker General Motors said it would reduce its debt by about $11 billion ahead of next month's initial public stock offering.

Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management, said the move was "obviously" designed to put a shine on the company's books in advance of an initial public offering.

"It's obviously cleanup time before the IPO," he said, the Detroit Free Press reported Friday.

Report: GM has deal with Spyker for Saab

Mon, 01/25/2010 - 03:47 by harsheeb

Stockholm -- U.S. automaker General Motors is giving a reprieve to Sweden's Saab as part of a deal to sell it to Spyker Cars of the Netherlands, sources say.

Citing ""several people close to the negotiations," The Financial Times reported Sunday that GM will shelve plans to close Saab and instead sell it to the Dutch firm in a deal that could be announced as soon as Monday.

The newspaper said such a move would come as a great relief to Saab's 3,400 workers and to Swedish officials, who had mounted a spirited campaign to save the quirky and innovative car brand. A sale would also put Spyker, which manufactures luxury sports cars, firmly into the mainstream car industry.

Gov't, bankrupt GM reach liability deal

Sun, 06/28/2009 - 23:08 by Salinder Kumar

New York -- The White House and General Motors have resolved liability issues that could have derailed the U.S. automaker's emergence from bankruptcy, documents show.

Documents filed in bankruptcy court late last week indicated a deal has been reached in which a successor company to General Motors would remain liable for claims filed against GM products, even though it would no longer be the same company, The New York Times reported Sunday.