![[Valid Atom 1.0]](valid-atom.png "Validate my Atom 1.0 feed")
CARMAKERS' CRISIS * USA
* General Motors to dump Pontiac - Carmaker to reveal more cuts Monday; More factory closures loom
Detroit,MICH,USA -The Detroit News, by Robert Snell & David Shepardson -April 25, 2009: -- General Motors Corp., surviving on $15.4 billion in federal loans, is expected to announce Monday that it will kill the Pontiac brand but keep GMC as part of a tougher restructuring plan being overseen by the government, sources familiar with the automaker's plan said Friday... GM has started reaching out to Pontiac dealers ahead of a public announcement about the brand's future, when the automaker likely will also outline permanent plant closures, more job cuts and a tougher offer to bondholders to slash the automaker's $28 billion in unsecured debt... The Detroit News has learned GM plans to notify members of Congress on Monday morning -- and has scheduled meetings with a few members of Michigan's delegation -- about plants to be shuttered... Pontiac's demise could hurt Orion Township, which is home to a GM assembly plant that produces the Pontiac G6 and Chevrolet Malibu.. * Italy - Fiat defends pursuit of deals
Turin,Italy -The Detroit News (USA), by Christine Tierney -April 25, 2009: -- Fiat SpA has neither confirmed nor denied its interest in General Motors Corp.'s German subsidiary Adam Opel, but on Friday the Italian automaker bristled when a top European official said he was surprised to see a company as indebted as Fiat entertain deals with Opel as well as with Chrysler LLC... Guenter Verheugen, the European Union's industry commissioner, said in a radio interview Friday that he wondered where Fiat would find the money to pursue two deals at a time like this... Fiat Chief Executive Sergio Marchionne said he was "astounded" by Verheugen's remarks, noting it was the second time the commissioner had suggested that not all of Europe's carmakers would survive this downturn... In the proposed deal with Chrysler, Fiat is offering technology and expertise but no cash in exchange for an initial 20 percent equity stake... He said Fiat and Opel were not in direct talks, but a source familiar with the situation said Marchionne had broached GM directly about a deal for Opel... Fiat issued another statement Friday saying that, "except as already announced in relation to the strategic alliance with Chrysler, no offer has been made to acquire an interest in Opel"...Labels: automakers' crisis
posted by Unknown @ 7:18 AM
0 Comments:
Post a Comment
<< Home