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U.S. Bankrolls GM Bankruptcy With $50 Billion Taxpayer Investment
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By Don Miller
Money Morning
General Motors Corp. (NYSE: GM), humbled by…
2Jun2009 | Money Morning | 0 comments | ContinuedGMAC Reporting $675 Million Loss, Pressure Coming From GM Bankruptcy And Stress Tests
Auto and mortgage lender GMAC LLC (NYSE: GKM) reported a first-quarter loss of $675 million and now faces further pressure from bank “stress tests” and freefalling sales volumes that may push its former parent General Motors Corp. (NYSE: GM) into bankruptcy.
GMAC is one of the 19 lenders waiting for results of the government’s “stress test,” designed to determine which firms need additional capital to weather a deep recession. Results are due Thursday, and some analysts believe GMAC will be one of the banks ordered to find more capital within six months.
Despite receiving a $6 billion government bailout in December, GMAC…
6May2009 | Money Morning | 0 comments | ContinuedGM and Chrysler Make Dramatic Cuts to Avoid Bankruptcy
Faced with pending deadlines to restructure or resort to bankruptcy, General Motors Corp. (GM) and Chrysler LLC each made a series of dramatic moves to trim fat, reduce debt and improve efficiency.
GM’s cost-cutting measures are perhaps its most encompassing since the company began its turnaround process. Among GM’s announced restructuring plans:
- GM asked bondholders to exchange $27.2 billion of bonds for 10% of the equity of the restructured company. Bondholders would receive 225 shares of GM common stock for each $1,000 equivalent of principal amount.
- The top U.S. carmaker will close 17 assembly, power train and stamping plants by the…
U.S. Treasury to General Motors: Restructure or Face Bankruptcy by June
The U.S. Department of Treasury is directing General Motors Corp. (GM) lay the groundwork for a bankruptcy filing by the automaker’s June 1 deadline to restructure or have the plug pulled on more federal emergency loans, The New York Times reported.
Last week, GM and members of President Obama’s task force meet in person and talked on conference calls, sources told the Times. Talks are expected to continue this week, but the Treasury’s goal is a speedy “surgical” bankruptcy for GM.
One of the plans the Treasury is considering would involve creating a new company that would buy GM’s better assets immediately…
14Apr2009 | Money Morning | 0 comments | ContinuedGM Fighting for Survival, Preparing for Bankruptcy
General Motors Corp. (GM) will meet with the U.S. Treasury department’s automotive task force as soon as this week to work on a plan to return the automaker to viability. But while company executives assert that bankruptcy is far from inevitable GM is accelerating preparations for a court filing.
In its Feb. 17 presentation to the Treasury, GM proposed shrinking its debt 40% from $62 billion to $33.5 billion by modifying obligations to a union-retiree health fund, shedding 47,000 jobs, and persuading bondholders to accept less in an equity swap.
Now that the Treasury has rejected those proposals as too little…
8Apr2009 | Money Morning | 0 comments | Continued
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