Jun 3, 2009
<b>Robert Snell</b> Writing for the The Detroit News, Robert Snell says that General Motors Corp. is eliminating more dealers than initially reported and taking a tough stance with the rest of its retailers who must agree to stricter sales and performance targets or be eliminated in bankruptcy court. Dealers nationwide ... Continue reading
Stations Unfazed by Auto Dealer Closings
Jun 3, 2009
<b>By Kim McAvoy - TVNEWSDAY</b> Chatham NJ, June 3 2009: Last January, the Chrysler dealers in San Antonio, Texas, consolidated, merging six dealerships into three â and then promptly upped their TV ad spending. "We've all been hammering the airwaves pretty heavy," says April Ancira of Ancira Chrysler Jeep Dodge ... Continue reading
New Era in Autos as GM Set for Bankruptcy
Jun 1, 2009
Washington DC June 1, 2009; The AIADA newsletter reported that as GM prepared to file for bankruptcy, the question facing 56,000 auto workers, 3,600 GM dealers, and the Obama administration is: Will it work? According to the Wall Street Journal, the government, which will own a majority of the company, is wagering upwa ... Continue reading
General Motors' Board of Directors Statement
Jun 1, 2009
Attributable to Kent Kresa, Chairman DETROIT - June 1, 2009: âThe General Motors Board of Directors authorized the filing of a chapter 11 case with regret that this path proved necessary despite the best efforts of so many. Today marks a new beginning for General Motors. A court-supervised process and transfer of ... Continue reading
GMAC Financial Services Statement on General Motors Chapter 11 Filing
Jun 1, 2009
DETROIT, June 1 -- GMAC Financial Services is a creditor of General Motors Corp. (GM) and as such is taking the appropriate steps to protect GMAC's interests during GM's restructuring. GM has submitted a motion to the U.S. Bankruptcy Court that, pending approval, would allow its direct business with GMAC to continue in ... Continue reading
President Obama to Hold Media Briefing Prior to General Motors' BK Press Conference
May 31, 2009
WASHINGTON - May 31, 2009: According to a White House media advisory, President Obama will begin his remarks at approximately 11:55 a.m. EDT. General Motors Corp. President and CEO, Fritz Henderson, will host a press conference, beginning immediately following President Obama's media briefing. ... Continue reading
AP Reports That Monday is Definitely "B-Day" for General Motors
May 31, 2009
DETROIT - May 31, 2009: The Associated Press is reporting tonight that tomorrow morning, at 8AM EDT, the company that was once the world's largest, will file for bankruptcy protection. According to the story, GM plans to name turnaround executive Al Koch to serve as its chief restructuring officer through the protectio ... Continue reading
GM President and CEO Fritz Henderson to Hold Media Briefing Monday - Will This Be THE Announcement?
May 31, 2009
DETROIT - May 29, 2009: General Motors President and CEO Fritz Henderson will host a press conference on Monday, June 1. The conference will be around mid-day at the GM Building, 767 Fifth Avenue, in New York. Although no specific details regarding the briefing have been announced, given the fast and furious rumors of ... Continue reading
White & Case Partner Thomas E. Lauria Agrees to Work on Behalf of GM Bondholders Unite
May 30, 2009
SAN DIEGO--GM Bondholders Unite (www.gmbondholdersunite.com) said today that Thomas E. Lauria, Esq., the bankruptcy attorney who represented the rights of dissident bondholders in the Chrysler Chapter 11 filing, has agreed to work with GM Bondholders Unite in representing the thousands of individual General Motors bond ... Continue reading
Newly Ratified GM-UAW 2007 National Labor Agreement Modifications Eliminate Competitive Gap for GM
May 29, 2009
DETROIT - May 29, 2009: General Motors today confirmed that its UAW-represented employees have ratified the modifications to the GM-UAW 2007 National Labor Agreement. The amended agreement covers approximately 54,000 hourly employees located in 46 U.S. facilities. "The leadership demonstrated by UAW president Ron Gette ... Continue reading
Kelley Blue Book's Kbb.Com Names Their Top 10 Road Trip Cars of 2009
May 21, 2009
Kbb.com Editors Offer Their Top New Car Choices for Road Trips in a Variety of Categories IRVINE, Calif., May 21 -- The Top 10 Road Trip Cars of 2009, www.kbb.com/roadtripcars2009, were named today by the expert editors from Kelley Blue Book, www.kbb.com, the leading provider of new car and used car information. Memori ... Continue reading
All-New GMC Terrain On Track To Hit Middle East Showrooms in Q4 2009
May 20, 2009
GMC has announced that the all-new Terrain crossover is right on track and is due to be in GMC Middle East showrooms in the fourth quarter of this year. ... Continue reading
General Motors, Chrysler: Cutting Their Way to Greatness
May 18, 2009
Joel West SeekingAlpha May 17, 2009; The Big Three auto companies certainly arenât selling as many cars as they used to. As such, they need to reduce their fixed costs to more closely match their current revenues. Towards this end, the two sickest âU.S.â automakers are shedding dealers. Thursday, Chrysle ... Continue reading
May 14, 2009
AUBURN HILLS, Mich., May 14 -- Chrysler LLC today filed a motion with the U.S. Bankruptcy Court seeking to reject certain U.S. dealer agreements, and a list of U.S. dealer agreements to be assigned to the buyer of its business assets. Subject to Court approval, 2,392 Chrysler, Jeep(R) or Dodge dealers will continue wit ... Continue reading
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