Workers at factories that are to be closed or sold have been offered early retirement. The plan covers hourly workers at Sterling Heights, Conner Avenue, St. Louis North, St. Louis South, Twinsburg Stamping, and Kenosha Engine; those whose combined age and years with the company are more than 85 years, and who are over 60 [...]
Reports from Auburn Hills claim that Chrysler executives, who are currently figuring out ways to avoid their obligations to suppliers, banks, and the retired engineers who created the company’s glory days, have already found a way around Federal limits on executive compensation: they will be employed by Fiat, and “loaned” to Chrysler. That will allow [...]
Neil Roland, covering the Chrysler bankruptcy for Automotive News, wrote today that the 16,000 non-union retirees and their spouses will be represented in the stakeholder committee. A group of retirees said that up to this point, they had not been included in negotations.
Delphi’s bankruptcy rulings eliminated health care for salaried retirees, while providing massive bonuses [...]
Rick LaPorte of CAW Local 444 responded to Tom LaSorda’s public statements regarding Canadian Chrysler plants and his threat to shut down all Canadian Chrysler facilities in a note to Local 444 members (Local 444 represents Windsor; Brampton is represented by Local 1285, and Etobicoke Casting in Toronto is represented by Local 1459). He wrote:
I write [...]
Head of the Fed Ben Bernanke flatly ruled out a government takeover of major banks, such as Citigroup, that would wipe out stockholders.
Rhetoric is rather different when talking about banks vs. automakers. When they mention GM and Ford, they say the stockholders deserve nothing because they were asleep at the switch. Automaker bankruptcy has almost [...]
Bankrupt Delphi Corp. today won approval for its plan to terminate health and life insurance plans for its salaried retirees as soon as April 1, a move the company says will save it about $1.5 million a week.
Referring to the move as “good business judgment,” U.S. Bankruptcy Judge Robert Drain, the same judge who not [...]
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