So far, General Motors has declined to identify the 1,124 dealerships scheduled to be cut off when their franchise agreements expire on Oct. 31, 2010, but the names appear to be getting out just the same.
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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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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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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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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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General Motors said today it had reached a deal with some major bondholders that would give them a bigger stake in a reorganized automaker and could pave the way for a fast-track bankruptcy backed by the U.S. Treasury within days.
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General Motors paid about 90,000 U.S. 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 said. GM employees would normally have been paid on Friday.
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General Motors Europe units Opel and Vauxhall are expected to post a record $3bn pretax loss for 2009, Financial Times Deutschland said on Thursday.
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Saab Automobile said on Thursday the possibility of a bankruptcy filing by owner General Motors had not disrupted its sale process and that it was still in discussions with three potential suitors.
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General Motors aims to reduce the number of North American parts suppliers from about 1,500 to around 1,100 in the next 18 months as the company shrinks due to restructuring.
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As the battle for German carmaker Opel narrowed to a two-way race between Fiat and Magna International, overnight talks to shield Opel from parent General Motors' looming bankruptcy ended with no deal early on Thursday.
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As the battle for German carmaker Opel narrowed to a two-way race between Fiat and Magna International, overnight talks to shield Opel from parent General Motors' looming bankruptcy ended with no deal early on Thursday.
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General Motors chief Fritz Henderson CEO is trying to repair a rift between Berlin and Washington that threatens to torpedo Germany's goal of shielding GM subsidiary Opel from its parent's possible bankruptcy.
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General Motors chief Fritz Henderson CEO is trying to repair a rift between Berlin and Washington that threatens to torpedo Germany's goal of shielding GM subsidiary Opel from its parent's possible bankruptcy.
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German government officials blamed the U.S. Treasury for the failure of talks on state aid for General Motors' Opel unit but said discussions would resume Friday.
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General Motors CEO Fritz Henderson is trying to repair a rift between Berlin and Washington that threatens to torpedo Germany's goal of shielding GM subsidiary Opel from its parent's possible bankruptcy.
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The fate of German carmaker Opel hung in the balance on Thursday after marathon talks on shielding it from the looming bankruptcy of its U.S. parent General Motors ended without a deal.
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Germany's government plans to reach an agreement on providing temporary financing for carmaker Opel if its parent, U.S. carmaker General Motors, files for bankruptcy.
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