Sunday, February 15, 2009

Auto Industry Bailout talks

White House ups pressure on US automakers

AFP — US automakers came under White House pressure Sunday to make painful choices as a deadline loomed this week for cap-in-hand General Motors and Chrysler to present their recovery plans to the government.
David Axelrod, a senior adviser to President Barack Obama, said the collapse of talks between GM and the United Auto Workers union underlined the gravity of the situation ahead of Tuesday's restructuring deadline.
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Report: GM to say, 'more aid or bankruptcy'

MarketWatch The online edition of The Wall Street Journal, citing unnamed sources, said the competing choices present a dilemma for the Obama administration, which may fear seeing the industrial icon carmaker (GM:2.50, -0.15, -5.7%) fall into bankruptcy and cut more jobs if it's refused more aid.
The government has already committed $13.4 billion to GM as part of a federally-funded bailout. The automaker is expected to include its call for more funds in a restructuring plan it's required to submit to the Treasury Department by Tuesday, though the company isn't expected to include a dollar amount, according to the Wall Street Journal report.
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GM, Chrysler Struggling to Strike UAW Deal

Washington Post General Motors and Chrysler are far from reaching a new labor pact with the United Auto Workers, making it unlikely they will secure an agreement before their Tuesday deadline for presenting a viability plan to the Obama administration.
The automakers so far have been unable to meet one of the government's key demands for assuring federal assistance: that they reduce autoworker compensations to levels competitive with foreign carmakers Honda, Nissan and Toyota. A union official said yesterday the two sides remain far apart in reaching an accord.
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