Bond Holders Drop Fight Against Chrysler Plan
from USA Today
 The group of dissident Chrysler bond holders challenging Chrysler's government-backed restructuring plans, said that it is dropping its court fight. The dissolution of the group - at least on an official basis - clears away the largest obstacle standing in the way of Chrysler's plans to sell the bulk of its assets to Italy's Fiat Group and could pave the way for the quick exit from bankruptcy protection that the automaker and the federal government desire. More 
As One Door Shuts, Another Opens
from The Kalamazoo Gazette via Michigan Live
On the day Chrysler LLC sank into bankruptcy, one Grand Rapids, Mich., auto supplier was bubbling with excitement about new orders. No, certainly not the orange conveyer system once destined for a Pontiac plant in Ohio and still sitting, unpaid for, on his factory floor. That order, like others, was canceled as the auto industry tumbled into bailout hell. More
Bankruptcy Shakes Chrysler, GM Shops
from The Detroit Free Press
As GM and Chrysler race to restructure and survive a deep national recession, the closure of dealerships is sure to be felt in communities large and small across America. Although the National Automobile Dealers Association is fighting it, experts say the automakers must close more than 3,000 dealerships in the months ahead in order to get healthy. More
GM Plans to Shift Overseas Production
from The Detroit News
General Motors Corp. will shift more production of vehicles bound for the U.S. market to China, Mexico, South Korea and Japan, but will keep total imports at roughly one-third of all sales here. In a confidential 12-page presentation to members of Congress, obtained by The Detroit News on Friday, GM said it will boost U.S. sales of vehicles built in those four countries by 98 percent - or about 365,000 vehicles - while shrinking production in Canada, Australia and European countries by about 130,000 vehicles. More
Court Approves Process for Chryslter-Fiat Transaction
from Reliable Plant Magazine
Chrysler LLC announced May 8 that the U.S. Bankruptcy Court has entered an order approving a process for the sale of substantially all of the company's assets. Chrysler argued in its motions that it is imperative that the process be completed expeditiously in order to secure the maximum value for Chrysler’s stakeholders through the Chapter 11 process. More
Berlin Rules Out Saving Opel Jobs
from BBC World News
Germany's economy minister has said the government couldn't afford to spend all the money required to save every threatened job at carmaker Opel. With Fiat continuing talks to buy Opel from General Motors, the Italian firm has already warned that one Opel plant in Germany will likely close. More
U.S. Scooter, Motorcycle Makers Get Stimulus Shot
from The Associated Press via BusinessWeek
Sales of motorcycles and scooters shifted into high gear last year when gas prices soared. Then recession-wary consumers hit the brakes. Now, like so many other industries, the makers of two-wheeled, fuel-efficient bikes are relying on tax breaks offered in the federal stimulus package and other incentives to get sales moving again, while easing gas consumption. More
Peugeot Has No Concerns Over Fiat-Opel Tie Paper
from Reuters
PSA Peugeot Citroen has no fear of a possible alliance between Italian car maker Fiat and General Motors' German brand, Opel, a Peugeot board director said. In an interview published on Monday by Italy's La Repubblica newspaper, Jean-Philip Collin said in this current global financial crisis it was better to focus resources on products, network and clients. More
Bigger Isn’t Better for Wind Power
from The Detroit News
Although the costs for small wind turbines are about 15 cents per kilowatt hour, it is more than competitive with large wind turbines if you add all the hidden costs of infrastructure associated with large wind. Small turbines will become more competitive, especially if states give tax credits toward adopting this new alternative energy technology. Small wind turbines provide big possibilities as a great way for Michigan to "go green." More
|
