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Looming Disaster? If GMAC Defaults 40% Of GM Dealers Go Under General Motors Corp. may lose as many as 40 percent of its 6,500 U.S. dealerships should lender GMAC LLC default, a key retailer for the automaker said. "There's so many dealers on the edge, if GMAC goes out of business 30 to 40 percent of dealers won't be able to get financing from anywhere else," Martin NeSmith, a liaison to GMAC as member of GM's National Dealer Council, said in an interview. "They'll go out of business."Dealers face a double threat as GMAC and GM teeter toward... Article added: 2008-12-12 06:46:15 Article Views Rating: 141
GM hires bankruptcy advisers | detnews.com | The Detroit News General Motors Corp. has hired bankruptcy counsel and restructuring advisers to prepare for a filing if Congress does not authorize $14 billion in emergency federal loans. "The Board is meeting frequently and is monitoring the situation closely and is considering all options, as is management," GM spokesman Steve Harris told The Detroit News tonight. "And they have engaged appropriate advisors for all contingencies." The revelation, first reported in the Wall Street Journal, sends a signal to Congress... Article added: 2008-12-12 06:46:13 Article Views Rating: 108
GM board member Kullman steps down | detnews.com | The Detroit News DETROIT -- Ellen J. Kullman, a member of the Board of Directors of General Motors Corp., resigned today to focus on new responsibilities at DuPont, where she will be promoted from president to CEO on Jan. 1. The resignation leaves GM with 13 directors and comes as GM and Chrysler LLC await a Congressional decision on a $14 billion federal loan package. "GM has made important advancements across a number of fronts and I wish the GM team continued success as they work to overcome the current challenges,"... Article added: 2008-12-12 06:46:13 Article Views Rating: 129
Chevy Volt production will cost GM $750 million At the congressional hearings last week, GM, Chrysler and Ford made it a point to flaunt Detroit’s hybrids and electric cars. Again Ford, who is in the best shape out of the three, shined bright as CEO Alan Mulally drove up to D.C. in a Ford Escape Hybrid and talked up the company’s new 2010 Ford Fusion Hybrid which the company says gets 6 mpg more in the city than its Japanese rival - the Toyota Camry Hybrid.Chrysler’s Nardelli drove up to the congressional hearings in an Aspen Hybrid, an SUV... Article added: 2008-12-11 06:59:36 Article Views Rating: 137
GMAC's Desperate Plan To Tap $700B in Federal Funds Failing To Materialize, Bankruptcy Looming GMAC LLC the auto and home lender seeking federal aid, hasn’t obtained enough capital to become a bank holding company and may abandon the effort, casting new doubt on the firm’s ability to survive. A debt exchange by GMAC and its Residential Capital LLC mortgage unit designed to bolster the company’s finances didn’t attract enough participation, GMAC said today in a statement. That leaves GMAC short of the $30 billion in regulatory capital demanded by the Federal Reserve, and... Article added: 2008-12-11 06:59:33 Article Views Rating: 161
GMAC: Bank plans in danger | The Detroit News | detnews.com NEW YORK -- GMAC Financial Services, the financing arm of General Motors Corp., said Wednesday its bid to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan may be in danger because it hasn't raised the capital needed to meet federal requirements. One analyst said that if GMAC doesn't get the help it needs, it may need to shutter its home mortgage division to prevent the company from filing for bankruptcy protection. It wasn't clear what impact that... Article added: 2008-12-11 06:59:26 Article Views Rating: 121
Chevy Volt production will cost GM $750 million At the congressional hearings last week, GM, Chrysler and Ford made it a point to flaunt Detroit’s hybrids and electric cars. Again Ford, who is in the best shape out of the three, shined bright as CEO Alan Mulally drove up to D.C. in a Ford Escape Hybrid and talked up the company’s new 2010 Ford Fusion Hybrid which the company says gets 6 mpg more in the city than its Japanese rival - the Toyota Camry Hybrid.Chrysler’s Nardelli drove up to the congressional hearings in an Aspen Hybrid, an SUV... Article added: 2008-12-11 06:59:08 Article Views Rating: 139
GMAC's Desperate Plan To Tap $700B in Federal Funds Failing To Materialize, Bankruptcy Looming GMAC LLC the auto and home lender seeking federal aid, hasn’t obtained enough capital to become a bank holding company and may abandon the effort, casting new doubt on the firm’s ability to survive. A debt exchange by GMAC and its Residential Capital LLC mortgage unit designed to bolster the company’s finances didn’t attract enough participation, GMAC said today in a statement. That leaves GMAC short of the $30 billion in regulatory capital demanded by the Federal Reserve, and... Article added: 2008-12-11 06:59:07 Article Views Rating: 111
GMAC: Bank plans in danger | The Detroit News | detnews.com NEW YORK -- GMAC Financial Services, the financing arm of General Motors Corp., said Wednesday its bid to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan may be in danger because it hasn't raised the capital needed to meet federal requirements. One analyst said that if GMAC doesn't get the help it needs, it may need to shutter its home mortgage division to prevent the company from filing for bankruptcy protection. It wasn't clear what impact that... Article added: 2008-12-11 06:58:57 Article Views Rating: 110
Carlos Ghosn and Jack Welch could be future GM leaders Now that Congress and even President-elect Barack Obama have voiced their opinions on Detroit’s Big 3 executives the question on everyone’s mind is: Who will replace GM’s Rick Wagoner? While GM COO Fritz Henderson may seem like a logical choice, his chances are slim since his supporters may be washed out along with Wagoner. Either way names are flying around in Detroit on who the next GM CEO could be.One name everyone is familiar with is GE’s Jack Welch. Besides being everyone’s favorite CEO... Article added: 2008-12-10 06:17:47 Article Views Rating: 104 |
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