General Motors and the U.S. government finalized plans today for the company to reorganize, setting the stage for America's largest-ever industrial bankruptcy and heralding a new and uncertain era for the No. 1 U.S. automaker.
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General Motors and the U.S. government finalized plans on Sunday for the automaker to reorganize, as a majority of debtholders helped clear the way to a massive bankruptcy filing Monday.
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Investors representing about 54 percent of General Motors' $27.2 billion of bonds indicated support for a U.S. Treasury-brokered swap that could help speed the automaker's way through bankruptcy.
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General Motors today finished a key piece of business before a bankruptcy filing planned for Monday as the deadline for bondholders to accept an exchange offer brokered by the Obama administration expired.
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General Motors will find out today if investors holding $27 billion in the automaker's bonds will accept an exchange offer as it races to tie up loose ends before a bankruptcy filing Monday.
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General Motors said it plans to hold a press briefing on Monday, June 1, around mid-day, presumably to announce plans to seek federal bankruptcy protection.
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General Motors Vice Chairman Bob Lutz says he expects to continue as a part-time adviser to GM after retiring at year's end. Lutz, 77, is serving as a senior adviser for the remainder of the year, focusing on product development and design.
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General Motors has made important progress during its restructuring even if it needs to file for bankruptcy to finish the job, the White House said on Friday.
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General Motors said Friday that it plans to build a small, fuel-efficient car in the United States that will compete in the B-segment as the company tries to comply with stiffer mileage mandates recently proposed by the Obama administration.
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General Motors' potential tagline in bankruptcy: "GM. Yes, we can."
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General Motors hourly workers represented by the UAW overwhelming approved contract concessions this week in advance of GM's probable bankruptcy filing. The GM rank-and-file voted 74 percent in favor of the contract, the UAW announced today.
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General Motors hourly workers represented by the UAW overwhelming approved contract concessions this week in advance of GM's probable bankruptcy filing. The GM rank-and-file voted 74 percent in favor of the contract, the UAW announced today.
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Advisers to General Motors bondholders representing $27 billion in the automaker's debt urged investors today to support a debt swap negotiated over the past week with the Obama administration.
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General Motors plans to start telling more dealerships that they will be terminated when their franchise agreements expire in 17 months.
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General Motors plans to start telling more dealerships that they will be terminated when their franchise agreements expire in 17 months.
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If General Motors wants to stay at Detroit's Renaissance Center, it'll have a powerful new tax incentive to work with.
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May 29 (Reuters) -- Austrian-Canadian car parts group Magna International has reached a preliminary deal with General Motors to invest in its German unit Opel, sources close to the negotiations told Reuters on Friday.
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If General Motors wants to stay at Detroit's Renaissance Center, it'll have a powerful new tax incentive to work with.
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Fiat S.p.A. CEO Sergio Marchionne said today that his main focus right now is on Chrysler, shrugging off reports that General Motors and Canadian auto parts group Magna International Inc.
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General Motors and Magna International have reached an agreement in principle that could rescue ailing German carmaker Opel, sources close to the negotiations told Reuters on Friday afternoon.
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