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8501 messages, Last post on Nov 28, 2009 at 10:40 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: dave8697 (Jan 14, 2009 9:31 am) Maybe not, but Toyota managed to find 241 thousand takers last year alone. And if GM were "smart enough", they wouldn't have slapped a few of their own pathetic attempts together to try and compete for those sales. They also would have been even smarter if they stuck to their guns and stayed out since they were neither up to snuff (underperforming compared to thier non-hybrid counterparts) and had big problems with battery leaks. 
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Economist sees modified bankruptcy ahead for GM Jesse Snyder Automotive News January 13, 2009 - 10:15 am ET UPDATED: 01/13/09 4:59 ET DETROIT -- General Motors is likely to need a modified version of bankruptcy to restructure the last part of its debt, says Deutsche Bank Managing Director Rod Lache. "The chances are greater than not that there will be bankruptcy, at least for GM," Lache said here today at a Society of Automotive Analysts conference. "But it won't be the disruptive, scary bankruptcy that suppliers fear." Subscribe to Automotive News Lache said GM must restructure $62 billion in debt, including converting $30 billion in unsecured debt into $10 billion in new bonds and $20 billion in equity. But about 20 percent of unsecured bondholders won't convert voluntarily, he said. "GM must get a Bankruptcy Court to order that," Lache said. But it won't be a messy, complicated process, he predicted. Lache expects GM to renegotiate its contract with the UAW and persuade the union to convert into new equity GM's scheduled $20 billion in contributions to a union-run trust fund known as a Voluntary Employee Beneficiary Association, or VEBA. But Lache predicts that without a court order, GM can't get all parties to agree to its debt restructuring. Without sacrifices from all parties, the other agreements will collapse, he said. "Without that, labor may not agree to make its sacrifices, and a federal car czar may not approve the package," he said, referring to the yet-to-be appointed administrator of the auto industry rescue effort. With or without a bankruptcy, GM's shareholders will lose all or most of their investment, Lache said. If creditors agree to swap their existing debt for mostly equity of perhaps $40 billion, existing debtors would see GM's current market capitalization of $2.5 billion dilute further. "But if it goes to bankruptcy, the court would almost certainly eliminate all shareholder equity," Lache said. "Shareholders may get something if GM restructures. But if it goes to bankruptcy, they'll get zero." |
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Friend of mine in the industry says all voice mail at GM headquarters is turned off, is this true? Are they really trying to shut out thier suppliers? I know his company is pretty peeved at them right now. I'm sure they're not the only ones who are getting shafted. 
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Replying to: anythngbutgm (Jan 14, 2009 11:06 am) yes voice mails are being turned off but they are being turned off with the phone. Some had both a land line with voice mail and a cell phone with voice mail. They are going to one. |
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Replying to: gagrice (Jan 13, 2009 8:02 am) Let me get this straight; UNEMPLOY 75,000 people, put them on unemployment, and replace them with people making HALF THE PAY. Now, THAT will do the US taxbase a world of good.
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Replying to: tlong (Jan 13, 2009 11:12 pm) So, by this logic, sometime soon after gas is $4 the Tundra and Sequoia will be axed???? ".....GM has the Volt coming but looks to have some major usability issues IMHO - cost, 40 miles on a charge only then you are running on gas through an intricate charging system" What is so intricate about an alternator charging a battery??? We've been doing that for 90 years.
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Replying to: circlew (Jan 14, 2009 7:17 am) Then call the BBB and go to another dealer. That's what I did w/ by Buick, and guess what; satisfaction the 2nd time around. |
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Replying to: circlew (Jan 14, 2009 9:40 am) |
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Replying to: lemko (Jan 14, 2009 9:53 am) I realize you are jesting or should be. The truth is the imports keep building factories and hiring people off the street and they are building superior cars to GM on a regular basis. We are not talking rocket science. If someone cannot be trained in 2 weeks to do most any job in a factory he or she should be let go and find someone that can. The UAW may have the Big 3 convinced they are good workers. The proof is not in the final product. At least not in my most recent GM purchase. In fact my good trucks came from Mexico and Canada. |
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