General Motors has released a statement regarding widespread reports that the company planned to terminate its Pontiac brand, leaving the automaker with Buick, Cadillac, Chevrolet and GMC.
“Contrary to media speculation, General Motors has not announced any changes to its long-term viability plan or to the future status of any of its brands. GM is continuing [...]
Automotive News is reporting Chrysler and Fiat are considering a new board of directors that could include Fiat executives and members of the Obama Administration’s auto task force. AN’s sources, who were not identified, also say a new management team, headed by Fiat CEO Sergio Marchionne, is being discussed. No mention was made of what [...]
The Presidential auto task force is recommending Fiat take a smaller initial share of Chrysler, perhaps a little as 20 percent, far less than the 35 percent originally proposed. In addition, Fiat would not be able to assume a majority position in the U.S. automaker until all federal loans had been repaid.
Fiat would be able [...]
Determination of Viability Summary March 30, 2009
Chrysler, LLC
Chrysler February 17 Plan
Viability Determination Summary
The Loan and Security Agreement of December 31, 2008 between Chrysler, LLC and the United States Department of the Treasury (“LSA”) laid out various conditions that needed to be met by March 31, including the approval of Labor Modifications, VEBA Modifications, and the [...]
President Obama’s auto task force has determined that Chrysler LLC is not viable as a standalone company so the federal government will give Chrysler and Fiat SpA 30 days to complete their alliance. If they are successful, the Obama Administration could provide as much as $6 billion in assistance. Currently, Chrysler has requested $5 billion [...]
According to NBC News, General Motors Chairman and CEO Rick Wagoner was asked to resign his posts by President Barack Obama’s auto task force as a condition of further federal aid the the struggling automaker. An unidentified source supplied the information to reporter John Yang.
The story was broken by Bloomberg News. The Associated Press later [...]
Sergio Marchionne, Fiat SpA’s CEO, told reporters that the terms of proposed alliance with Chrysler will likely change based on the decisions of President Obama’s auto task force. The President is expected to make the announcement of the task force’s recommendations on Monday.
“There undoubtedly are going to be adjustments made.” Marchionne told reporters after Fiat’s [...]
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