President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand
Shares of GM gained almost 6 percent and have rallied by more than 30 percent over the past 10 trading sessions amid growing confidence that officials will not push the top U.S. automaker into bankruptcy.
GM and Chrysler have taken $17.4 billion in emergency funding from the U.S. Treasury and have asked for another $22 billion to complete cost-cutting programs and ride out the weakest market for new cars in almost three decades.
The New York Times reported on Friday that the Obama administration was likely to give more aid to the embattled automakers while also setting a short-term deadline for the companies to reach deals to cut their debt with creditors and the United Auto Workers union.
Saturday, March 28, 2009
Thursday, March 26, 2009
Friday, March 20, 2009
Thursday, March 5, 2009
GM Prospects of Bankruptcy March-05 2009
Struggling General Motors says its auditors have raised "substantial doubt" about the company's ability to continue operations. GM, weighed down by weak sales and a crumbling U.S. economy, has received $13.4 billion in federal loans but is seeking a total of $30 billion from the government
http://money.aol.com/news/articles/_a/bbdp/auditors-raise-doubts-on-gms-viability/370680
Tuesday, March 3, 2009
Auto Companies Decline in Sales GM. Ford and Toyota March-03 2009
General Motors (GM, news, msgs) said its sales fell 52.9% from a year ago. Ford Motor (F, news, msgs) said its February sales were off 48%. Toyota Motor (TM, news, msgs) said its sales fell 40% from a year ago.
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