The National Automobile Dealers Association, bracing for a possible General Motors bankruptcy, is asking dealers to contribute to a legal fund to protect their interests
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The head of the National Automobile Dealers Association urged General Motors to offer "proper compensation" in its plan to eliminate more than 40 percent of its U.S. dealerships in less than two years.
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When General Motors closes down Saturn later this year, it will lose just over a quarter of its sales of fuel-saving hybrids -- the type of vehicles that the Obama administration wants automakers to build more of.
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A General Motors bankruptcy promises plenty of pain for bondholders, workers, dealers and shareholders, but lawyers are likely to reap $1 billion in fees, charging Uncle Sam as much as $1,000 an hour.
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Austrian-Canadian supplier Magna International is seeking to obtain majority control of General Motors' Opel unit through direct and indirect stakes, a regional state leader said on Tuesday.
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Fiat S.p.a. and Magna International Inc. are emerging as rival bidders for a significant stake in General Motors' Opel/Vauxhall subsidiary.
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General Motors' equity-for-debt offer has drawn a sharp response from advisers to the ad hoc committee of GM bondholders.
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Fiat S.p.a. and Magna International Inc. are emerging as rival bidders for a significant stake in General Motors' Opel/Vauxhall subsidiary.
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Fiat S.p.a. and Magna International Inc. are emerging as rival bidders for a significant stake in General Motors' Opel/Vauxhall subsidiary.
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The US government has said it has no wish to run a North American automaker even though it could end up with a controlling interest in General Motors.
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General Motors bondholders called the company's debt-for-equity swap offer today "neither reasonable nor adequate" and "a blatant disregard of fairness."
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Even as it shrinks its North American product portfolio, General Motors is negotiating with Toyota Motor Corp. to determine a new GM product to be jointly produced at the automakers' 50-50 joint venture, New United Motor Manufacturing Inc.
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General Motors plans to contact owners of about 1,000 dealerships starting in May to notify them that their franchise agreement will not be renewed in 2010, a GM executive says.
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General Motors expects to lay claim to as much as $1.5 billion in additional supplier bailout funds to go along with $2 billion already approved. In its revised restructuring plan, GM also said former parts unit Delphi Corp.
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General Motors expects its standalone Pontiac dealerships to sell their entire inventories by the first quarter of next year. GM has 35 standalone Pontiac stores in the United States with combined inventory of just 1,500 units.
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Even as it shrinks its North American product portfolio, General Motors is negotiating with Toyota Motor Corp. to determine a new GM product to be jointly produced at the automakers' 50-50 joint venture, New United Motor Manufacturing Inc.
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General Motors has no plans to scrap its Vauxhall brand, says CEO Fritz Henderson.
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General Motors announced a new restructuring plan Monday that includes aggressive debt reductions, dealership closures and job cuts. Here are details of the automaker's accelerated steps:
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General Motors CEO Fritz Henderson says he plans to make changes the automaker's top leadership. "We're going to be looking at how we run the company.
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General Motors CEO Fritz Henderson says he plans to make changes the automaker's top leadership. "We're going to be looking at how we run the company.
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