GM still wants to sell Opel; Germany
Germany believes the management of General Motors Company is still committed to finding a buyer for its European unit Opel/Vauxhall, government officials said after talks with the US carmaker in Berlin.
At a meeting last Friday, GM’s board of directors postponed a decision on management’s proposals to relinquish a controlling stake in Opel either to Canadian [...]
Magna offers more for Opel/Vauxhall
Canadian car parts maker Magna International offered to increase the amount of upfront capital it would invest in Opel/Vauxhall as part of a bid for the General Motors’ European unit, several sources have said according to Reuters Newsagency.
The revised bid leaves the total proposed amount at some 500 million euros (US$714 million), but tilts the [...]
Germany, GM disagree on Opel future
Canadian car parts maker Magna is still Germany’s preferred partner to take a majority stake in GM Europe, Chancellor Angela Merkel has said, setting the stage for a showdown with General Motors over the takeover bids.
Officials from the German government and GM discussed the three offers for the loss-making European subsidiary that builds Opel and [...]
‘New GM’ exits bankruptcy – prepares for future
Leaner, meaner and a with a whole lot less debt than it had 40 days ago, a new General Motors Company has emerged from Chapter 11 bankruptcy protection in the United States.
GM’s chief executive officer, Fritz Henderson, has described the new company as the “most public private company in the world” a reference to the [...]
Judge approves General Motors sale plan
A US judge has approved General Motors’ bankruptcy sale, in a move that will allow the company’s most profitable assets to exit Chapter 11 bankruptcy protection under government ownership.
Reuters Newsagency says Judge Robert Gerber of the US bankruptcy court in Manhattan said the sale would “prevent the death of the patient on the operating table.”
New GM moves a step closer
General Motors has taken a step closer to the creation of the “New GM” that will be its corporate future with its chief executive telling a US bankruptcy court that the sale of GM’s main assets to the government-backed “New GM” must win court approval in order for the iconic carmaker to survive.
Fritz Henderson told [...]
Karmann shuts up shop
June 24, 2009 by Matt Brogan
Filed under Car News, Chrysler, Convertibles, Industry, Mercedes-Benz, Porsche, Volkswagen
German-based coachbuilder Karmann, best known for the Volkswagen Karmann Ghia, has officially closed its doors after being forced to file for bankruptcy in April.
The company produced 3.3 million convertibles and more than 1 million coupes for larger car companies since 1949 but due to falling demand in the face of the recent economic downturn, Karmann [...]
GM/Magna set target for Opel sale: report
General Motors and Magna International have set themselves a target of agreeing to the sale of a majority stake in GM loss-making European operations by July 15 sources close to the Canadian auto parts group and its Russian partner Sberbank, have told Reuters newsagency.
“There was an agreement that Magna and GM on July 15 should [...]
Chrysler sale stopped by US court
There’s been something of a roadblock with Chrysler LLC’s planned quick exit from bankruptcy after a US Supreme Court justice delayed the carmaker’s sale to a company run by Italy’s Fiat S.p.A.
Justice Ruth Bader Ginsburg, in a one-sentence statement, said the orders of the bankruptcy judge allowing the sale “are stayed pending further order of [...]
GM officially bankrupt – US$30b bailout
In one of the most significant moves in the automotive industry General Motors Corporation has finally filed for bankruptcy.
The move forces the 100-year-old carmaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.
The bankruptcy filing is the third largest in US history and the [...]
GM on brink of ‘biggest’ US bankruptcy
General Motors has moved to the brink of the largest bankruptcy ever seen in the United States following the failure of its bond offer to creditors, which would have seen about US$27 billion reduced to just a 10 per cent holding in the company.
General Motors officially said that a crucial bond- exchange proposal failed to [...]
