Tuesday, February 17, 2009

General Motors

Would a G.M. Bankruptcy Save Taxpayer Money?

New York Times — As General Motors and Chrysler race to pull together their restructuring plans ahead of a government-mandated deadline on Tuesday, one of the top academic experts on distressed debt and bankruptcy is calling for the Obama administration to dispense with niceties and push the carmakers into bankruptcy.
If done right, the move could help ensure that taxpayers remain first in line for repayment, according to Edward I. Altman, the Max L. Heine professor of finance at New York University’s Stern School of Business.
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GM exec: Saturn near finish line

bizjournals Robert Lutz, General Motors Corp.’s soon-to-depart vice chairman, says that struggling Saturn probably won’t survive.
In recent years, Saturn — like General Motors and the U.S. auto industry — has fallen on troubled times, with sales down and debt rising.
Lutz, who will retire this year as vice chairman of global product development, told industry publication Automotive News that GM lacks the time or resources to help Saturn rebound.
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GM slated to get $4b more in aid

Globe Wire Services - The US government will release $4 billion in additional aid to General Motors Corp. today as planned, a White House aide said yesterday, ahead of the deadline for the automaker to submit a new survival plan.
The aide said Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.
To date, GM has received $9.4 billion in federal aid that has allowed it to stay in operation since the start of the year. It is widely expected to seek additional assistance with the restructuring plan it must submit today.
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