Senior White House officials today said the federal government could help General Motors and Chrysler LLC through quick bankruptcies if the automakers are unable to restructure successfully outside of court.
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In a bid to boost flagging auto sales, the federal government will pay for any warranty repairs on a General Motors or Chrysler vehicle if either company can't because of financial problems or a bankruptcy filing, President Barack Obama said on...
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Chrysler LLC has backed off its own statement announcing an alliance with Fiat S.p.A., saying the potential partners have only a "framework" accord.
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Chrysler LLC says it has agreed on terms of a formal alliance with Fiat S.p.A. and Chrysler's majority owner, Cerberus Capital Management LP. The U.S. Treasury Department supports the agreement, Chrysler said today in a statement.
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Chrysler LLC recast its own statement announcing an alliance with Fiat S.p.A., saying the potential partners have a "framework" accord.
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For Chrysler LLC, survival has come down to a single option: successfully working out an alliance with Fiat S.p.A.
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In a bid to boost flagging auto sales, the federal government will pay for any warranty repairs on a General Motors or Chrysler vehicle if either company can't because of financial problems or a bankruptcy filing, President Barack Obama said today.
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For Chrysler LLC, survival has come down to a single option: successfully working out an alliance with Fiat S.p.A. The Obama administration has given Chrysler 30 days to forge a broad product-sharing agreement with the Italian automaker.
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For Chrysler LLC, survival has come down to a single option: successfully working out an alliance with Fiat S.p.A. The Obama administration has given Chrysler 30 days to forge a broad product-sharing agreement with the Italian automaker.
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The Obama administration's auto task force wants Fiat SpA to take a smaller initial stake in Chrysler LLC. According to people familiar to the matter, the stake could be a low as 20 percent.
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The U.S. task force overseeing the restructuring of the auto industry today said the plans submitted by General Motors and Chrysler failed to show how they could be viable.
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Fiat shares fell on Monday after the US government warned that its planned partner Chrysler faced an uncertain future and set a deadline for an alliance.
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Restructuring plans submitted to the federal government by General Motors and Chrysler in their bids to secure more bailout loans failed to show how they could be viable, the auto industry task force said on Monday.
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General Motors' chairman and CEO Rick Wagoner at the weekend fell on his sword and quit under pressure from the Obama administration ahead of today's presidential announcement that gave GM and Chrysler more time and capital to restructure, hinted at structured bankruptcies, revealed new incentives to spur sales and promised support for communities hit by the auto industry downturn.
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Chrysler LLC will chop its production by almost 60.0 percent in the second quarter, one forecaster predicts. That puts the company at the forefront of the industry's production cutbacks, as automakers continue to slash output to match tumbling sales.
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General Motors CEO Rick Wagoner resigned under pressure from the Obama administration as the government rejected the viability proposals of GM and Chrysler LLC. Wagoner, a career GM executive and CEO since 2000, stepped down as the top U.S.
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General Motors CEO Rick Wagoner has resigned under pressure from the Obama administration as the government prepares to announce today a second bailout for the company and Chrysler LLC.
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General Motors CEO Rick Wagoner has resigned under pressure from the Obama administration as the government prepares to announce today a second bailout for the company and Chrysler LLC.
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General Motors and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release today.
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Chrysler LLC's proposed alliance with Fiat S.p.A. could lead to production of Fiat-based models in as many as three Chrysler plants in North America. The factories in line for more work are Toluca, Mexico; Sterling Heights, Mich.; and Belvidere, Ill.
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