Waking up on Monday morning and checking out the headlines

hmmmmmm...

Filing Marks the End of Financial Independence for Industrial Icon

U.S. would own 60 percent of the new automaker under administration's restructuring plan, which company investors say unfairly favors the UAW.

Judge Approves Chrysler Sale

Approval of sale of assets to Fiat clears way for U.S. automaker to exit bankruptcy protection.

Air France Flight Missing

Jet, flying from Brazil to Paris with 228 people on board, hit strong turbulence, the airline says.

so, lemme see...

as taxpayers, we now own yet another major automobile manufacturer, in the not too distant future we'll be able to buy fiats in the u.s., and the air france flight from rio to paris is the same flight i took two years ago...

ok, so much for monday morning...

Submit To Propeller
Tweet

[Permalink] 0 comments

GM axing 1100 out of 6000 dealerships and, besides dumping Pontiac, is putting Saturn, Hummer and Saab on the block

as with the news yesterday about chrysler (see previous post), i wonder what this is going to do to unemployment figures... you can be sure it will be ugly...

GM to Slash 1,100 Dealerships

General Motors is notifying 1,100 of its 6,000 dealers today that it will not renew their franchise agreements when they expire by October 2010.

This is the automaker's first step in slashing 40 percent of its retail network as part of a major restructuring aimed at reviving the company. GM plans to shrink its dealer network down to 3,600 dealers by the end of next year.

GM said over 90 percent of the remaining dealers will be offered a chance to remain with the company.

The automaker has announced it will no longer continue the Pontiac line and is now in the process of looking for buyers for Saturn, Hummer and Saab. The company said it will be soon be updating those 470 dealers on the status of those jettisoned brands.

can the news of gm's bankruptcy be far behind...?

Submit To Propeller
Tweet

[Permalink] 0 comments

Chrysler sends 25% of its dealerships to the showers

just be glad you aren't a chrysler dealer...

Chrysler Plans to Shut One Quarter of Its Dealers

Chrysler, which filed for bankruptcy protection two weeks
ago, sent letters to 789 of its 3,200 American dealers
revoking their franchises with the carmaker.

i wonder how many jobs this is going to nix...

Submit To Propeller
Tweet

[Permalink] 0 comments

Chrysler goes under

ya suppose they'll get a third whack at bankruptcy somewhere down the road (see below*)...?

Chrysler to Proceed with Bankruptcy

Chrysler, one of the three pillars of the American auto industry, will file for bankruptcy today after last-minute negotiations between the government and the automaker’s creditors broke down last night, an Obama administration official said. U.S. officials had offered Chrysler’s secured lenders $2.25 billion in cash if they would agree to writedown the $6.9 in secured debt that the company owed. But a small group of hedge funds refused the 11th-hour deal, forcing an imminent bankruptcy.

* remember...?

On September 7, 1979, The Chrysler Corporation petitioned the United States government for US$1.5 billion in loan guarantees to avoid bankruptcy.

Submit To Propeller
Tweet

[Permalink] 0 comments

Gotta pay top dollar to them all-important senior execs

don't this just rattle your chain a wee bit...?

Sources: Chrysler Financial Refused Government Loan Over Executive Pay Limits
Top officials turned away a $750 million government loan because executives didn't want to abide by new federal limits on pay, sources familiar with the matter say.

boo-freakin'-hoo...

Submit To Propeller
Tweet

[Permalink] 0 comments