Senior White House officials today said the federal government could help General Motors and Chrysler LLC through quick bankruptcies if the automakers are unable to restructure successfully outside of court.
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Some frustrated U.S. taxpayers cheered President Barack Obama's tough steps to shore up the reeling auto industry today, but critics called his decision to fire General Motors' chief a heavy-handed power grab.
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General Motors' bondholders are going to have to make concessions or face the prospect of the automaker's bankruptcy, U.S. Sen. Carl Levin, D-Mich., said today.
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President Barack Obama's auto task force says General Motors will be hard-pressed to meet its projections in five key areas without dramatically restructuring the company. In response to the viability plan GM submitted Feb.
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General Motors executives say they will work "around the clock" to meet the requirements that President Barack Obama's task force has set forth. But GM officially acknowledged today that it could end up filing for bankruptcy protection.
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In a bid to boost flagging auto sales, the federal government will pay for any warranty repairs on a General Motors or Chrysler vehicle if either company can't because of financial problems or a bankruptcy filing, President Barack Obama said on...
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General Motors' shares tumbled more than 25 percent today after the U.S. government rejected its multibillion-dollar rescue plea and warned bankruptcy might be the best path for GM to restructure.
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In a bid to boost flagging auto sales, the federal government will pay for any warranty repairs on a General Motors or Chrysler vehicle if either company can't because of financial problems or a bankruptcy filing, President Barack Obama said today.
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The U.S. task force overseeing the restructuring of the auto industry today said the plans submitted by General Motors and Chrysler failed to show how they could be viable.
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Fritz Henderson, the successor to Rick Wagoner as CEO of General Motors, is a widely-traveled global executive who has become GM's go-to guy in pressure negotiations. Henderson, 50, became GM's president and COO in March, 2008.
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No General Motors Europe union tears will be shed for departing GM chairman and CEO Rick Wagoner.
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Restructuring plans submitted to the federal government by General Motors and Chrysler in their bids to secure more bailout loans failed to show how they could be viable, the auto industry task force said on Monday.
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General Motors' chairman and CEO Rick Wagoner at the weekend fell on his sword and quit under pressure from the Obama administration ahead of today's presidential announcement that gave GM and Chrysler more time and capital to restructure, hinted at structured bankruptcies, revealed new incentives to spur sales and promised support for communities hit by the auto industry downturn.
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General Motors' Opel unit faces a further two months uncertainty after President Obama's auto task force pledged to fund parent GM's operations only for the next 60 days.
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General Motors' Opel unit faces a further two months uncertainty after President Obama's auto task force pledged to fund parent GM's operations only for the next 60 days.
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Opel's senior labor leader, Klaus Franz, today welcomed Fritz Henderson as new CEO of parent General Motors. "The move was overdue," Franz said, referring to the resignation of the previous GM CEO Rick Wagoner.
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General Motors CEO Rick Wagoner has resigned under pressure from the Obama administration as the government prepares to announce today a second bailout for the company and Chrysler LLC.
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General Motors and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release today.
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General Motors has mandated Commerzbank to help find a new investor for its Opel unit, a source said. A person with knowledge of the process told Reuters: "Commerzbank has received a mandate from GM."
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Germany's economy minister said on Sunday that there were a host of investors interested in General Motors' Opel unit, but warned they could not expect Berlin to assume all the financial risks linked to the company.
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