The US Government has determined that the plans submitted by GM and Chrysler were totally inadequate and must be re-done. Therefore, Chrysler has 30 days to partner or it will be allowed to collapse. GM has 60 days to meet the required goals (including more concessions from debt holders and other stakeholders) or it will face a “controlled bankruptcy”. There will be additional aid for both companies, but only for this short period.
Meanwhile, CEO Rick Wagoner was told by the administration to resign and he did so immediately. And GM will announce on Tuesday the future of the Hummer brand – we know it’s dead, and will know Tuesday if another company will buy the brand from GM.
Related Posts on DrivingEnthusiast.net
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- February 18, 2009 -- GM restructuring plan eliminates High Performance Vehicle Operations
- July 14, 2005 -- GM Employee Price Sale: Failure?
- July 14, 2005 -- Problem Brewing with the GM Employee Discount Programs?
- May 3, 2005 -- Will GM Losses Thwart Its Tech Plans?
- July 23, 2005 -- Detnews.com: Smart Move by GM
- May 18, 2008 -- Chrysler Cordoba: past, present, and future
- June 14, 2009 -- Week in review from Chrysler
- March 22, 2010 -- Electric Fiat 500 for the United States
- February 7, 2011 -- Chrysler Eminem Super Bowl Commercial – Imported From Detroit
- September 26, 2008 -- Chrysler offers double-clutch automated manual Getrag transmission
- September 26, 2008 -- Dodge EV all-electric sports car
- November 17, 2008 -- Drag Race: Chrysler EV versus Dodge Challenger
- October 31, 2005 -- Text of remarks by Delphi’s Steve Miller
- October 27, 2005 -- SEC subpoenas GM
- December 27, 2005 -- GM Cutting 30,000 Jobs, Eight Plants
- June 13, 2009 -- GM still rules roads in Cuba? No, a Communist dictator does.
- April 26, 2006 -- GM Fastlane Blog (not Bob’s)
