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’AT&T veteran to chair GM
General Motors said on Tuesday that Edward Whitacre, a former chairman and chief executive of AT&T, the telecoms group, will become the carmaker’s chairman on completion of its court-supervised restructuring.
GM to finance Delphi buyout
General Motors has agreed to finance a private-equity firm’s buyout of bankrupt auto-parts company Delphi, after itself filing for bankruptcy protection earlier this week, reports the WSJ. GM, which received $30bn in US government funds,
Sberbank to sell on stake in Opel
Russia’s Sberbank plans to sell its stake in Opel to another Russian investor, its chairman said on Thursday. German Gref said that his bank and Canadian parts supplier Magna would commit €500m ($710m) to General Motors’ spun-off European business but that Sberbank would later sell its stake.
Chinese company to buy Hummer
A Chinese company is to buy Hummer, the General Motors brand known for its military-inspired, gas-guzzling off-road vehicles. Hummer’s sale to Sichuan Tengzhong Heavy Industrial Machinery Company will close this year,
“The only chapter we’re focused on…is chapter 1″
…chapter one and a whole lot of hackneyed cliches, at least. Yes, it’s the GM “re:invention” cringefest advert.
Watch it here.
At least American taxpayers know where their money’s being spent.
“GM is the largest corporate issuer in US history”
Did you know that since 1985, GM has issued $990bn in global corporate debt and equity offerings, including securitisations? Or that since 1998, the firm has been the third largest fee payer for capital markets underwriting,
Ten cars that bankrupted GM
Alright, 11. From Jalopnik:
Related links:
The GM bankruptcy filing – Scribd
The GM bondholders’ “legal rights” meme – Felix Salmon
West liquidates, East turns inward – Sudden Debt
GM files for bankruptcy
General Motors filed for bankruptcy on Monday as the Obama administration took the first steps to try to revive a failed icon of American industry by extending unprecedented federal funding and oversight,
Citi, GM tumble out of Dow
Citigroup and General Motors, once two of the biggest flag-bearers of US business, were on Monday dumped from the Dow Jones Industrial Average and were replaced by Travelers, which includes Citi’s former insurance assets,
‘Lean’ Chrysler set to emerge
A slimmed-down Chrysler is set to emerge from bankruptcy this week as the automaker’s board prepares to appoint Fiat’s chief Sergio Marchionne to the helm. US president Barack Obama praised the carmaker’s “quick,
CDS update: All green shoots, all the time
This CDS report was written by Markit’s Gavan Nolan
CDS indices on both sides of the Atlantic continued to surge tighter as expectations of a global economic recovery became entrenched. The Markit iTraxx Europe index closed at 112.37,
GM owes creditors $172.8bn, has assets of $82.3bn
GM has officially petitioned for Chapter 11 bankruptcy relief, and its court filing makes for some interesting reading.
The NY Times has the CliffsNotes:
In its bankruptcy petition, G.M. said it had $82.3 billion in assets and $172.8 billion in debts.
DJIA reshuffle time
Out go GM and Citigroup and in come Cisco and Travelers, the latter to ensure a full weighting of financials in the famous index, which remember is weighted by share price not market capitalisation.
The irony here,
GM to file for Chapter 11 protection
General Motors will file for Chapter 11 bankruptcy protection in New York on Monday, in a humiliating fall from grace for a symbol of America’s industrial might and the world’s biggest carmaker for much of the 20th century,
GM board to finalise bankruptcy
General Motors’ board will meet on Friday to approve the stricken carmaker’s move into bankruptcy protection after agreeing an 11th-hour deal with some of its biggest bondholders. Holders of $27bn of
Row intensifies over GM’s Europe units
General Motors was poised to file for bankruptcy protection as tensions over the fate of GM’s Opel/Vauxhall operations in Europe broke into the open, with German officials accusing Washington of an “ambush” after the failure of critical bail-out talks early on Thursday morning.
Bondholders reach deal with GM
GM’s bondholders have reached a deal with the ailing car maker, in an about face from their previous recalcitrance.
In a regulatory filing on Thursday, GM said it would give bondholders 10 per cent of the ‘new’ GM,
GM fails to agree $27bn debt deal
General Motors moved closer to bankruptcy on Wednesday as bondholders failed to agree to a debt-for-equity swap and European governments sparred over the fate of its international operations ahead of the US-imposed June 1 deadline for submitting a restructuring plan.
Bondholders shun GM’s tender offer
General Motors has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever US industrial bankruptcy within days, reports Reuters. The event marks a critical disappointment for GM,
UK seeks to secure Vauxhall’s fate
Britain has intervened in the political manoeuvring over the future of Opel/Vauxhall, explicitly linking its financial support for the spin-off of GM’s European operations to the future of two UK car plants in Luton and Ellesmere Port.
Germany to unveil choice for GM arm
The German government is set to name a preferred bidder for General Motors’ cash-strapped European operations by early Thursday, paving the way for one of the country’s biggest industrial bail-outs.
US to steer GM towards bankruptcy
The Obama administration is preparing to steer General Motors Corp into bankruptcy next week, reports The Washington Post, citing sources familiar with the discussions. Under the GM draft bankruptcy plan,
Three vie for GM’s European units
At least three bidders will make formal offers for a stake in General Motors’ European operations on Wednesday and will be asked to come up with about €650m ($887m). RHJ International, the Brussels-listed car parts company,
Spreading the GM bad news – bonfire of the dealerships
17:08 RTRS GM’S LANEVE SAYS 1,100 DEALERSHIPS ‘WERE IN DANGER OF GOING OUT OF BUSINESS ANYWAY’
17:09 RTRS GM’S LANEVE SAYS 400-500 DEALERSHIPS TARGETED FOR CLOSURE HAD AVERAGE SALES OF 35 UNITS PER YEAR
Each,
Credit insurance hinders GM restructuring
Hedge funds and other investors stand to make billions of dollars on credit insurance contracts if GM declares bankruptcy, a prospect that is complicating efforts to agree a restructuring plan for the automaker,
GM eyes quick Opel stake sale
General Motors aims to choose a preferred partner for its European Opel/Vauxhall operations by the end of May, although it is “more probable” that GM will file for Chapter 11 bankruptcy protection by the government-set deadline of June 1,
US eyes majority GM stake
US taxpayers would take a majority shareholding in GM under the carmaker’s sweeping debt-for-equity restructuring plan, unveiled on Monday in a bid to avoid bankruptcy. Under the plan, GM said it would shut 13 of 47 plants by end-2010,
GM warns bondholders
GM has asked bondholders to respond by May 26 to its proposal for a debt-for-equity swap but warned on Monday that if the plan failed to go through by June 1 and it filed for bankruptcy, they might receive no “consideration at all”.
Fiat pursues GM Europe stake
Fiat on Thursday signalled its interest in taking a stake in GM’s European business as it rushes to agree an alliance with GM’s rival, Chrysler. The Italian carmaker is among up to seven contenders for a stake in GM Europe,
GM plans debt-for-equity launch
General Motors said on Wednesday it was “working aggressively” to launch a debt-for-equity exchange ahead of a government-imposed June 1 deadline and that it might miss a $1bn debt payment due then.