Late Sunday a judge approved the sale of GM’s assets to a group comprised of the U.S. government, the UAW and the Canadian and Ontario governments under the name NGMCO, Inc. The decision will see GM exit bankruptcy court quickly with the ‘New GM’ assets going to NGMCO, while the ‘Old GM’ assets will be...
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*** UPDATE *** Moments after Chrysler released an announcement that a partnership with Fiat was a done-deal, the American auto manufacturer released another statement with slightly revised wording stating that it had just a “framework” of a deal in place. *** UPDATE *** Hours after President Barak Obama gave Chrysler a deadline of 30 days...
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Just ahead of the Obama Administration’s press conference today, some of the most important details are already out. General Motors is to be given 60 more days to complete its restructuring plan, while Chrysler is being given just 30 days to finalize a partnership with Fiat. This news comes as both fumbling U.S. automakers are...
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According to the reliable folks over at GMInsideNews, on Monday the Obama Administration will announce a bankruptcy deadline for both General Motors and Chrysler. It has been rumored that the government will release more details about its aid for the U.S. auto industry on Monday, but now it appears the announcement will include this strong-arm...
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