Canucks Kick in $3.3 Billion to Help Detroit Subsidiaries
Dec 20, 2008
TORONTO - December 20, 2008: Canadian Prime Minister Stephen Harper announced that the Canadian federal and Ottowa government will provide $4 billion (Canadian dollars) in emergency loans to their subsidiaries of General Motors and Chrysler. As in the U.S., Ford didn't request any specific financial assistance just a l ... Continue reading
Dec 19, 2008
SAN FRANCISCO - December 19, 2009: Nationally known radio talk show host personality Michael Savage has been making quite a loud argument this afternoon that the reason for President Bush's decision to; a) forego "free-market" principles (even though he is a "free-market" president) and to act socialistically, and b) p ... Continue reading
Statement By Cerberus Capital Management
Dec 19, 2008
NEW YORK, Dec. 19 -- Cerberus Capital Management, L.P. ("Cerberus") issued the following statement today: Cerberus is pleased that the Department of Treasury has delivered its proposal to provide assistance to Chrysler in the form of a $4 billion secured loan to Chrysler Holdings, LLC the proceeds of which will be made ... Continue reading
NADA Chairman Praises President Bush for Providing Automaker Relief
Dec 19, 2008
Auto Dealers Say Loans Will Allow Industry to Succeed WASHINGTON, Dec. 19 /PRNewswire-USNewswire/ -- The Chairman of the National Automobile Dealers Association, Annette Sykora, said President Bush's decision to provide domestic automakers with short-term loans gives "the shot in the arm we need to lead the economic re ... Continue reading
Pelosi Statement on White House Plan to Aid Domestic Auto Industry
Dec 19, 2008
WASHINGTON, Dec. 19 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today in response to the White House plan to give General Motors and Chrysler a bridge loan while they restructure their companies to become viable: "The President's announcement this morning provides an opportunity for t ... Continue reading
Chrysler LLC Thanks the Administration and Treasury for Their Confidence
Dec 19, 2008
AUBURN HILLS, Mich., Dec. 19 -- Chrysler LLC Chairman and CEO Bob Nardelli said on behalf of the men and women of Chrysler and its extended enterprise, that he would like to thank the Administration and Treasury for their confidence in the Company. "A letter of intent was signed which outlines the specific requirements ... Continue reading
An Open Letter From Bob Nardelli
Dec 19, 2008
AUBURN HILLS, Mich., Dec. 19 -- To Chrysler employees and other stakeholders: We have received news that U.S. Treasury Secretary Henry Paulson will provide $4 billion of initial funding to Chrysler LLC from the TARP (Troubled Assets Relief Program) as a loan to help bridge the current financial crisis. We appreciate th ... Continue reading
GM Gets $9.4 Billion and Chrysler $4 Billion in Bridge Loans from U.S.
Dec 19, 2008
WASHINGTON - December 19, 2008: After a final late-night negotiation session, the White House has announced a plan that will provide $13.4 billion to two of the three Detroit Automakers with the possibility of an additional $4 billion in February. Some early details are confusing, with words making it sound like $13.4 ... Continue reading
Bush Now Appears to Favor an "Orderly" Bankruptcy for Detroit Three
Dec 18, 2008
AUTO CENTRAL - December 18, 2008: In a live televised interview this morning President Bush talked about an "orderly" bankruptcy as the solution for the three American automakers, as opposed to making any specific announcement or decision to try and take some of the funds from the $700 billion bailout package (or what ... Continue reading
GM Chrysler Merger Talks Reopen
Dec 18, 2008
December 18, 2008; Ajay Kamalakaran writing for Reuters reported that General Motors (GM - News) and Chrysler have reopened merger talks, as Chrysler owner Cerberus Capital Management (CBS.UL) has signaled its willingness to give away part of its ownership in the auto maker, the Wall Street Journal said, citing people ... Continue reading
Auto Loans, and Chrysler Incentives, Available at Many Credit Unions
Dec 17, 2008
by Mike Ellis TheFirehouse Blog Tough time to get an auto loan? Not at credit unions. Theyâve avoided the subprime mortgage meltdown and other risky investments that have crippled many segments of the financial services industry, said David Adams, President and Chief Executive Officer of the Michigan Credit Union ... Continue reading
Chrysler to Stop Production For One Month
Dec 17, 2008
Chrysler LLC Adjusts Production as a Result of the Deteriorating U.S. Credit Crunch Due to the continued lack of consumer credit for the American car buyer and the resulting dramatic impact it has had on overall industry sales in the United States, Chrysler LLC announced that it will make significant adjustments to the ... Continue reading
IIHS New Crash Tests: Small Cars Lag in Side, and Rear Impact Protection
Dec 17, 2008
New crash tests of small cars: good ratings in frontal tests but many models need better side and rear crash protection ARLINGTON, VA â Most new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes. The Insurance Institute for Highway Safety recently completed fron ... Continue reading
GM Again Cuts Q1 Production as U.S. Sales Tumble
Dec 13, 2008
Detroit, December 12, 2008: According to Jesse Snyder, writing for Automotive News, General Motors will dramatically slash North American production to 425,000 vehicles in the first quarter of 2009 -- less than half the total it built in the first quarter of this year. Company spokesman Chris Lee said GM is cutting 175 ... Continue reading
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