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The Associated Press reported that leaders of General Motors, Ford, Chrysler, and the UAW requested financial assistance from Congress. Specifically, the companies and union asked for $25 billion in federal loans to fund their contributions to health care trusts created in 2007, and for help in gaining access to the Treasury’s $350 billion bailout fund [...]
Knowledgeable sources say General Motors will not include a merger announcement in its “important changes” to be announced tomorrow along with its quarterly earnings. In fact, they say merger discussions have taken a back seat to GM’s push for federal financial aid to help the automaker to stay afloat. The word on the street is [...]
Automotive News reports the United Auto Workers union has hired veteran Wall Street consultant Stephen Girsky to advise it on the potential merger of Chrysler and General Motors as well as automakers’ efforts to get a bailout from the federal government. UAW President Ron Gettelfinger has gone on record as opposing a merger if it [...]
News sources are reporting Cerberus and General Motors have reached agreement on general terms of a merger but significant obstacles remain. While progress has been reported on GM’s attempts to gain federal funds for the merger, the amount being discussed is only about half what the automaker anticipates it will need to implement the deal. [...]