In light of the need for an additional EUR300m in financing that has just been estimated for Opel, the European association of around 4,000 dealers, Euroda, has renewed its offer for dealer shareholding in a future Opel/Vauxhall corporation.
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General Motors and the US Treasury on Thursday made an improved equity exchange offer to bondholders with US$27bn (GBP16.9bn) in debt intended to pave the way for a quick bankruptcy process for the automaker. Under the proposed deal, which GM said was supported by creditors representing about 20% of its debt, bondholders would be offered 10% of a reorganised company and given warrants to purchase another 15%.
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German Foreign Minister Frank-Walter Steinmeier said on Thursday he got assurances from U.S. Secretary of State Hillary Clinton that she would push for U.S. support to find a solution for General Motors Opel unit.
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Eaton is counting on lower expenses to help the company meet its 2009 earnings guidance in the midst of a decline in demand from the automotive industry and other major markets, chairman and CEO Alexander Cutler has said.
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A US bankruptcy court is today (28 May) holding a second and possibly decisive day of hearings on Chrysler's bid for revival as a Fiat partner.
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Fiat CEO Sergio Marchionne has headed back to the United States to discuss issues concerning Chrysler, a source at the industrial group told Reuters on Thursday.
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Rallycross-adapted Fiesta with 800bhp will compete at Pike's Peak hillclimb this July
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General Motors paid about 90,000 US employees three days early this week in an effort to reassure them that their wage payments would not be affected by any bankruptcy filing, a spokesman has said.
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Metaldyne Corp. filed for Chapter 11 bankruptcy late Wednesday and plans to sell most of its assets to two private equity firms. Metaldyne, which posted revenue of about $1.
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Most powerful Evo X to date gets 397bhp and a meaner new look
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We've had our first taste of the drive system under development for General Motors' pioneering Chevrolet Volt, piloting a test mule based on the Chevrolet Cruze at the company's Warren (Mich.) Technical Center, and it left us hungering for more.
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We've had our first taste of the drive system under development for General Motors' pioneering Chevrolet Volt, piloting a test mule based on the Chevrolet Cruze at the company's Warren (Mich.) Technical Center, and it left us hungering for more.
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Most powerful Evo X to date gets 397bhp and a meaner new look
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Chrysler LLC returns to bankruptcy court today for the likely approval of the sale of most of its operations to a group that includes Fiat, although hundreds of objections were still scheduled to be heard.
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Unions accused the British government on Thursday of not doing enough to protect nearly 5,000 British jobs at General Motors U.K. brand Vauxhall.
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Chrysler LLC expects to close its sale of most assets to Fiat as early as Friday, CEO Robert Nardelli told the bankruptcy court that is considering whether to approve the transaction.
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Chrysler LLC expects to close its sale of most assets to Fiat as early as Friday, CEO Robert Nardelli told the bankruptcy court that is considering whether to approve the transaction.
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Exclusive spy shots reveal BMW's all-new Audi A3 challenger
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