Chapter 11
US Supreme Court Lifts Stay of Chrysler Sale to Fiat; Transaction Can Proceed
By Chris Haak 06.09.2009 Late today, the US Supreme Court lifted the stay that Justice Ruth Bader Ginsberg had placed on the sale of Chrysler's assets to Fiat, which she placed...
GM CEO Henderson Says That GM Will Shake Up Management
GM CEO Fritz Henderson said yesterday that the company would have "changes ahead" in senior management ranks, though said that he needed more time to finalize the changes. Many...
General Motors Declares Chapter 11 Bankruptcy
General Motors Corporation, once the world's largest automaker and (at least for the time being) the largest automaker in the US, filed for Chapter 11 bankruptcy protection in...
Chrysler Releases List of 2,392 Dealers Surviving – and 789 Who Won’t
Bankrupt automaker Chrysler LLC released two lists of dealers yesterday. One is a list of 2,392 dealers that it would like to retain as it reorganizes in Chapter 11, and the...
General Motors’ Bankruptcy Imminent Within 30 Days
By Chris Haak 04.28.2009 I really don't enjoy writing about bad news. I'd much rather rave about how the exhaust note of a Corvette at full bore made the hair on my arms stand...
GM’s CFO Says Company Will Skip $1 Billion June 1 Debt Payment
By Chris Haak 04.22.2009 GM's Chief Financial Officer, Ray Young, told reporters at a Chinese auto summit in Detroit (how appropriate!) today that GM would not be making a $1...
Nardelli Tells Chrysler Employees They’re Likely to Get New CEO
By Chris Haak 04.17.2009 Chrysler CEO Robert Nardelli released a letter to all Chrysler employees that outlined the company's progress in its rush to complete its merger with...
GM Tells Government It Won’t Need $2B Loan Installment for March 2009
By Chris Haak 03.12.2009 In a very rare bit of good news for GM, the company has told the Obama Administration's auto task force (the Presidential Task Force on The Auto...
Auditors Raise Doubts on GM’s Ability to Survive
By Chris Haak 03.05.2009 We mentioned just last week in our "Check Your Mirrors" news summary that GM's auditors, Deloitte & Touche, were likely to slap the company with a...
February 2009 Sales Results Are In
By Chris Haak 03.04.2009 Surprising nobody, US light-vehicle sales in February 2009 were down 41.3% versus February 2009. The only make with a positive sales number was...