CHICAGO, May 21 (Xinhua) -- The
Obama administration is going to send General Motors into bankruptcy next week,
the Washington Post reported.
U.S. auto unions make tentative deal with GM, Treasury on labor, medicare issues
CHICAGO, May 21 (Xinhua) -- The United Auto Workers (UAW) union has reached a tentative deal with the U.S. Treasury Department and General Motors Corp. on modifying a labor agreement and restructuring payments into a union-run health care trust, reports reaching here said on Thursday.
UAW local presidents and executives are expected to meet in Detroit on Tuesday with local ratification meetings scheduled for late next week, according to a Detroit News report. Full story
GM holds talks with UAW on
comprehensive labor savings agreement
CHICAGO, May 20 (Xinhua) -- The authorities of the
biggest U.S. auto maker General Motors Corp is holding another round of talks
with the United Auto Workers (UAW) at the U.S. Treasury Department Wednesday in
an effort to reach a comprehensive labor savings agreement ahead of a June 1
government deadline.
According to Detroit News report, the talks include
representatives of the Obama auto task force, along with GM President and CEO
Fritz Henderson and UAW President Ron Gettelfinger. Full story
GM cuts two-fifths of dealerships in
Canada
OTTAWA, May 20 (Xinhua) -- General Motors confirmed
Wednesday that it has decided to cut two-fifths of its dealerships across Canada
in its bid to restructure under financial difficulties.
A GM spokesperson said letters were sent Wednesday to
245 of 709 dealerships in Canada informing them that their sales-and-service
relationships will be ending. The move was being done in an effort to create a
"more competitive dealer network," the spokesperson said. Full story
GM to close about 1,100 dealers in
U.S.
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The exterior view of the headquarters of
General Motors (GM) is seen on this file photo taken on May 23, 2008 in
Detroit, the United States. General Motors notified 1,100 of its 6,000.
(Xinhua/Zeng Hu)
Photo Gallery>>> |
CHICAGO, May 15 (Xinhua) -- About 1,100 General
Motors Corp. dealers in the United States started receiving notices Friday that
their franchises will be eliminated.
According to a report by the Detroit News, the moves
are part of GM's plan to cut its U.S. dealership ranks by about 40 percent from
5,969 to 3,600 by next year, a deeper and quicker cut than what was included in
a February 17 plan rejected by President Obama's autos task force. Full story
GM posts net loss of $6 bln for first
quarter
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The exterior view of the headquarters of
General Motors (GM) is seen on this file photo taken on May 23, 2008 in
Detroit, the United States. (Xinhua/Zeng Hu)
Photo Gallery>>> |
CHICAGO, May 7 (Xinhua) -- General Motors Corp. (GM)
posted a net loss of 6 billion U.S. dollars in the first quarter of this year
amid a global economic downturn and low sales that have helped push the
automaker to the brink of bankruptcy, reports reaching here from Detroit said
Thursday.
According to a report by the Detroit News, GM spent
10.2 billion dollars more than it took in during the first quarter, a cash burn
that was partially offset by 15.4 billion dollars in federal loans that has kept
the company afloat since December. Full story
GM to shed 21,000 U.S. workers by
2010
CHICAGO, April 27 (Xinhua) -- General Motors
presented on Monday an updated viability plan that will lay off more U.S.
workers.
GM's hourly workers will be shed by 7,000 more than
outlined in the February plan, from 61,000 to 40,000 by 2010. Salaried employees
are also expected to be cut further. Full story
GM plans major revamp to get
government aid
BEIJING, April 28 -- General Motors Corp
said Monday that it will cut 21,000 factory jobs in the United States by
next year, phase out its Pontiac brand and ask the government to take company
stock in exchange for half of GM's government debt as part of a major
restructuring effort needed to get more government aid.
The struggling auto maker also said it will offer 225
shares of common stock for every US$1,000 in notes held by bondholders as part
of a debt-for-equity swap. The announcements came in a filing with the
Securities and Exchange Commission. Full story
General Motors expected to dump
Pontiac
CHICAGO, April 25 (Xinhua) -- The U.S. largest
automaker General Motors Corp. is expected to announce Monday its decision to
kill the Pontiac brand as part of a tougher restructuring plan being overseen by
the government, reports from Detroit said Saturday.
GM has started reaching out to Pontiac dealers ahead of a
public announcement about the brand's future, when the automaker likely will
also outline permanent plant closures, more job cuts and a tougher offer to
bondholders to slash the automaker's 28 billion U.S. dollars in unsecured debt.
Full story
Fiat still pursuing deal with
Chrysler
BEIJING, April 28 -- Fiat Group SpA still wants to forge
an alliance with Chrysler LLC if the United States auto maker is forced to file
Chapter 11 bankruptcy protection from creditors, a source close to the
Turin-based auto maker said Monday.
Fiat is continuing talks to reach a deal by the Thursday
deadline, the source said. Full story
Canada auto workers approve union
agreement with Chrysler
OTTAWA, April 26 (Xinhua) -- The workers of the Canadian
branch of Chrysler have voted in favor of a deal between their union and the
automaker, which would serve as a precondition for Chrysler to partner with Fiat
to avoid bankruptcy.
The deal was approved by 87 percent of those Chrysler
Canada workers who voted, the Canadian Auto Workers Union (CAW) said in a
release Sunday. Full story
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