General Motors has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy by the end of this month.
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General Motors is to suspend production at its St Petersburg plant from 8 to 28 June, the company's government relations manager Yulia Boycharova told Prime-Tass on Tuesday.
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Despite General Motors' current economic woes, production of a convertible version of the Chevrolet Camaro is on track to start in early 2011.
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UAW officials are gathering on Tuesday to hear how many more US factory jobs General Motors will cut.
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The German government has said it would select its preferred bidder for Opel and Vauxhall's operations as early as tomorrow. Although the sale is ultimately the decision of parent General Motors, the government has a say as it would likely provide billions of euros in financing guarantees.
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BERLIN (Reuters) -- Germany pressed suitors of General Motors unit Opel to improve their offers and a fourth bidder from China emerged on the eve of a top-level meeting to decide the fate of the carmaker.
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Germany pressed the three bidders for General Motors' unit Opel to improve their offers for the carmaker today, saying they needed to assume greater risks and make credible commitments to preserve jobs and sites.
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Germany pressed the three bidders for General Motors' unit Opel to improve their offers for the carmaker on Tuesday, saying they needed to assume greater risks and make credible commitments to preserve jobs and sites.
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Germany pressed the three bidders for General Motors' unit Opel to improve their offers for the carmaker today, saying they needed to assume greater risks and make credible commitments to preserve jobs and sites.
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Fiat CEO Sergio Marchionne is trying to convince General Motors and the German government that Opel will be better off with his "no-cash, no-debt" deal than a rival proposal that includes a one-time injection of money. Fiat S.p.A.
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The Canadian Auto Workers said on Monday that its members voted overwhelmingly in favor of a new contract with General Motors that will put the company's labor costs on par with those at Toyota Canada's non-unionized plants.
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The Canadian Auto Workers said on Monday that its members voted overwhelmingly in favor of a new contract with General Motors that will put the company's labor costs on par with those at Toyota Canada's non-unionized plants.
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The Canadian Auto Workers said on Monday that its members voted overwhelmingly in favor of a new contract with General Motors that will put the company's labor costs on par with those at Toyota Canada's non-unionized plants.
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Fiat CEO Sergio Marchionne is trying to convince General Motors and the German government that Opel will be better off with his "no-cash, no-debt" deal than a rival proposal that includes a one-time injection of money. Fiat S.p.A.
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Germany will decide on a preferred bidder for General Motors unit Opel by the middle of the week, after holding a final round of talks with suitors Fiat, Magna International and RHJ.
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The German government will likely settle on a preferred bidder for General Motors' Opel unit by the middle of the week, Chancellor Angela Merkel's spokesman said on Monday.
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The German government will likely settle on a preferred bidder for General Motors' Opel unit by the middle of the week, Chancellor Angela Merkel's spokesman said on Monday.
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General Motors' Opel unit could go bankrupt but this would be the worst possible scenario, the heads of North-Rhine-Westphalia and Opel's home state of Hesse said on Monday.
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General Motors' Opel unit could go bankrupt but this would be the worst possible scenario, the premiers of North-Rhine-Westphalia and Opel's home state of Hesse said on Monday.
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Magna International and Fiat have improved their offers for General Motors unit Opel ahead of a crucial week in which the German government is expected to decide which bid it supports.
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