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Bankruptcy Judge Approves Obama’ GM Exit Plan
A federal judge handed the Obama administration an important victory in its push to steer the automobile industry back to health Sunday, approving the sale of General Motors Corp.’s (OTC: GMGMQ) most profitable assets to a new government-run company.
The move removes an important barrier to the company’s plan to exit bankruptcy.
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued a ruling saying the sale was GM’s only option and that it would "prevent the death of the patient on the operating table,” according to Reuters.
The 87-page ruling rejected appeals from a group…
6Jul2009 | Money Morning | 0 comments | ContinuedWhite House Opens TARP to Auto Industry after Congress Fails to Approve Loans
The Bush administration Friday dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate balked at approving $14 billion emergency loans.
“Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” Treasury spokeswoman Brookly McLaughlin said in a statement.
No specific announcement of a bailout was made, as there is still time before General Motors Corp. (GM) and Chrysler LLC – the companies in most at risk of foreclosure – run out of cash. However, the…
15Dec2008 | Money Morning | 0 comments | ContinuedGM Announces Second Round of Cost Cuts in Six Weeks as U.S. Economy Continues to Slump
General Motors Corp. (GM) yesterday (Tuesday) announced a series of cost-saving measures aimed at fighting waning domestic sales fueled by a weak U.S. economy and the soaring cost of fuel.
“We are responding aggressively to the challenges of today’s U.S. auto market,†GM Chairman and Chief Executive Officer Rick Wagoner said in a General Motors company statement announcing the cuts.
“We will continue to take the steps necessary to align our business structure with the lower vehicle sales volumes and shifts in sales mix,†he added, “We remain committed to bringing to market great products that target changing consumer preferences for more fuel-efficient…
16Jul2008 | Money Morning | Comments Off | ContinuedCar Companies Target Customers (And Each Other) in Hotly Contested Asia Battleground
Editor’s Note: The automobile industry is in the midst of a huge change, with more buyers overseas than ever before. Meanwhile, U.S. car manufacturers are struggling to stay float. A special report jointly developed by U.K. affiliate MoneyWeek Magazine and our experts here at Money Morning explores the automobile industry and how investors can benefit. For more information on MoneyWeek, please click here.
Every automobile on the roads of the world reflects a long and complex chain of industrial production and energy usage. Yet we live in a world where many of the highest quality resources and energy supplies have already…
22Apr2008 | Money Morning | Comments Off | Continued
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