and would run out of cash as soon as March without new federal funding.
The request for additional aid from the top U.S. automaker came in a restructuring plan GM submitted to U.S. officials on Tuesday.
The GM restructuring plan of more than 100 pages was posted on the U.S. Treasury Web site.
The request came on the same afternoon that No. 3 U.S. automaker Chrysler requested an additional $5 b...
STUTTGART/WASHINGTON - Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.
As GM and Chrysler put the finishing touches to blueprints showing how they will pay back billions of dollars of government loans, Chrysler's German ex-owner Daimler said it...
Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.
WASHINGTON - The U.S. government will release $4 billion in additional aid to General Motors Corp on Tuesday as planned, a White House aide said on Monday, ahead of the deadline for the automaker to submit a new survival plan.
The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.
GM is seeking conce...
Representatives of bondholders with some $28 billion in General Motors Corp debt have outlined specific proposals to the automaker on how to swap the debt for equity in a restructured company, a person with knowledge of the talks said on Monday.
suggesting they still have an immediate need for another $5 billion.
Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed.
Chrysler, controlled by private equity firm Cerberus Capital Management LP, has been granted $3 billion and is seeking an additional $4 billi...
suggesting they still have an immediate need for another $5 billion.
Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed.
My real interest in this is how much cash has to be put in, Coulter said.
A parallel set of talks have been under way at GM's smaller r...
Negotiators for General Motors Corp and the United Auto Workers union, staring down a Tuesday deadline for the struggling automaker to submit a plan for its survival to the U.S. government, were making progress in high-stakes talks aimed at cutting GM's costs and debt, a person familiar with the matter said.
President Barack Obama has decided to launch a government task force for restructuring the struggling U.S. auto industry instead of naming a car czar with sweeping powers, a senior administration official said on Sunday.
General Motors said on Tuesday that it will cut its global work force by nearly 10,000, or 14 percent, this year and impose pay cuts on most of the remaining jobs
Across General Motors Corp. and Chrysler LLC there are fears of more plant closures and job cuts as the companies approach the February 17 deadline to show government they have viability capabilities.
General Motors Corp. is seeking to acquire some Delphi factories that make key parts for GM and the two companies are set to be in talks on Monday a source familiar with the negotiation proceedings said.
US auto suppliers are seeking as much as $25.5 billion in government aid to avoid a string of bankruptcies in the industry, according to a report.
Embattled auto parts supplier Delphi Corp. has asked permission to cancel health care and life insurance benefits for current and future salaried retirees from a bankruptcy judge.
General Motors responded to President Barack Obama's address on climate policies Monday, saying it was working aggressively to develop better hybrids and electric cars to reduce emissions and improve mileage.
General Motors responded to President Barack Obama's address on climate policies Monday, saying it was working aggressively to develop better hybrids and electric cars to reduce emissions and improve mileage.
General Motors Corp said Monday it is slashing 2,000 jobs at two plants in Michigan and Ohio and will reduce production in about 13 other factories as demand for vehicles drops.
After 77 years, the auto industry turned the page to find Toyota Motor Co. as the new largest automaker in the world, succeeding General Motors Co. amid an economic recession which has battered the U.S. company.
GM's Chief Operating Officer, Fritz Henderson said the company was expecting to receive its next bailout loan from the government in several days in order to avoid running out of cash.
General Motors Corp. reduced its vehicle sales forecast on 2009 Thursday citing ongoing uncertainty of global market conditions.
Rick Wagoner, CEO of General Motors Corp, said Sunday that the company may seek further loans from the U.S. government at the North American International Auto Show in Detroit.
Chrysler LLC on Friday received an initial $4 billion emergency loan from the U.S. government, two days after the government completed a parallel payout to its larger rival General Motors Corp.
