Chrysler inventories fell during its bankruptcy period, with all factories shut down, but were still high by import standards – and close to GM’s inventories. This data was provided by Automotive News, covers the United States, and was current as of June 1.
Overall, Chrysler ended the month with 86 days’ supply, or 260,400 vehicles. Dodge [...]
On what was likely to be the last trading day before an all-but-certain bankruptcy filing early next week, General Motors’ stock closed at 75 cents per share, a price not seen since the Great Depression.
At the close of trading, the company, which lists $91.1 billion in assets and $177 billion in liabilities, had a [...]
General Motors’ former Vice Chairman and product chief Bob Lutz, his successor, Thomas Stephens, manufacturing chief Gary Cowger, GM North America President Troy Clarke and Chief Information Offices Ralph Szygenda have sold all their GM stock.
The five disclosed the sales, which took place last Friday and yesterday, in filings with the SEC. The senior GM [...]
The number of creditors objecting to the Chrysler-Fiat-Treasury plan appears to be dwindling, if a motion filed today by the “Attorneys for the Chrysler Non-TARP Lenders” (Thomas Lauria, who claimed death threats as the sole named attorney) is any evidence.
In part II, the document tellingly describes the “Non-TARP Lenders” as holding “over $300 million of [...]
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 [...]
According to Detroit News, Senator Majority Leader Harry Reid will shortly introduce a bill to set aside $25 billion of the $700 billion Troubled Asset Recovery Program for automakers. Unlike banks, automakers will have to agree to real limits on executive compensation; in addition, automakers will not be able to use loans to pay dividends, [...]
Henry Paulson’s old employer Goldman Sachs has removed price targets and investment ratings for General Motors, inferring that government aid, which they believe unlikely to occur, is required for the giant automaker’s survival. A J.P. Morgan analyst downgraded GM from overweight to neutral, noting that government aid would likely involve a large stock buy which [...]
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