Entrepreneur Roger Penske's Penske Automotive Group, the second-largest U.S. car retailer, is the winning bidder for General Motors' Saturn, Bloomberg News reported.
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Auto entrepreneur Roger Penske's Penske Automotive Group has signed an agreement to purchase Saturn from General Motors by the end of the third quarter.
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General Motors will give more than $2.5 billion of the $3.6 billion needed for Platinum Equity to gain control of the automaker's bankrupt former parts supplier Delphi Corp., the Wall Street Journal said, citing a source.
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General Motors will give more than $2.5 billion of the $3.6 billion needed for Platinum Equity to gain control of the automaker's bankrupt former parts supplier Delphi Corp., the Wall Street Journal said, citing a source.
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General Motors' factories in Russia will be transferred to Opel under the control of a Russian-backed consortium led by Magna Interational, the head of Sberbank said. Sberbank is planning to take a 35 percent stake in Opel.
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General Motors Corp. and Penske Automotive Group today confirmed details of a proposed transaction under which Penske would acquire the Saturn brand. If completed, the deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand.
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General Motors' factories in Russia will be transferred to Opel under the control of a Russian-backed consortium led by Magna Interational, the head of Sberbank said. Sberbank is planning to take a 35 percent stake in Opel.
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General Motors says dealers who were targeted in a second round of franchise cancellations have until June 8 to appeal.
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American Axle and Manufacturing Holdings Inc. expects sales for the second and third quarters to be reduced by about $300 million due to extended production shutdowns by bankrupt automakers General Motors and Chrysler LLC, the company said today.
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General Motors does not expect U.S. regulatory scrutiny to hold up its tentative agreement to sell Hummer to a Chinese machinery maker, CFO Ray Young said.
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General Motors does not expect U.S. regulatory scrutiny to hold up its tentative agreement to sell Hummer to a Chinese machinery maker, CFO Ray Young said.
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The Canadian-Russian consortium which is buying a controlling stake in Opel AG operations is also seeking to acquire all of General Motors' assets in Russia and other CIS states according to the business daily Vedomosti.
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General Motors CEO Fritz Henderson reluctantly agreed Wednesday to comply with a senator's request to turn over the bankrupt automaker's list of dealerships to be eliminated.
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Asian automakers can expect further gains in market share during General Motors' reorganization, but those gains likely will be modest. The Chapter 11 filing will scratch GM off some shopping lists.
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Emissions and ride-control supplier Tenneco Inc., which is owed $14.84 million by bankrupt General Motors, plans to diversify with Japanese customers and commercial trucks.
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The U.S. trustee for General Motors selected a 15-member committee of general unsecured creditors on Tuesday, said sources who attended the organizational meeting. The committee includes creditors such as the Pension Benefit Guaranty Corp.
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General Motors will emerge a stronger, more competitive company after bankruptcy, but it will take time and the supply base will suffer along the way, and many may face bankruptcy themselves, according to the US-based Society of Automotive Analysts (SAA).
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As Chrysler and General Motors sort through messy restructuring processes in bankruptcy court, its worth noting that there is a bright light at the end of the tunnel for both companies, if everything goes well.
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General Motors will retain responsibility for its pension plans for hourly and salaried employees under the bankruptcy reorganization plan worked out with the U.S. government.
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