The new mantra at General Motors is that GM has begun the last restructuring it will ever need. “There are no second chances. We won’t need one,” said Fritz Henderson, GM president and CEO, in a press conference following GM’s filing for bankruptcy protection on June 1. In the last couple of days, Henderson and his lieutenants found several ways to express the same...
Auto Industry Archive
June 2009
General Motors declared bankruptcy today, the largest manufacturer to ever do so. Despite nearly $20 billion in U.S. Treasury loans, GM went out with $82 billion in assets and $172 billion in debts. The U.S. will now own 60 percent of General Motors, but the period of federal control could be relatively short. Stripped to just Chevrolet, Cadillac, Buick and GMC trucks, the much smaller GM plans...
Today’s bankruptcy filing by General Motors is also a critical stress test for rival Ford. Will GM’s bankruptcy help Ford, or will GM and Chrysler drag Ford down with them? I think that in the short term, GM’s bankruptcy will hurt demand for autos in general, and that will hurt Ford, too. Bankruptcy for GM and Chrysler could cut both ways. Ford’s preferred scenario, of...
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Everyone has their eyes on the automotive industry lately. BNET Automotive gathers and supplies daily industry trends and news coverage with specific insights for managers and executives, focusing on the major auto companies and parts manufacturers. In addition to detailed auto company trends and profiles, we report on new alliances and partnerships, new models, mergers and acquisitions, labor management, auto unions, investments, and other key issues related to this sector of business.