@ November 11, 2008 # No Comment Yet
Shares of GM are trading at $2.92, the lowest price in 65 years, pulling down other automakers and parts suppliers. In order to survive, JP Morgan says that GM needs a bailout either from the US government or the parts suppliers. This would be over and above the $25 billion already allotted for loans to [...]
@ October 30, 2008 # No Comment Yet
74,000 jobs may be lost if GM and Chrysler reach an agreement on their proposed merger. The joint agreement could cost Chrysler 24,000 management and manufacturing jobs, along with 50,000 auto parts manufacturing jobs as a result of a reduction in car models and the closure of Chrysler plants. Automakers are facing an economic downturn [...]
@ October 12, 2008 # No Comment Yet
Chrysler, the number 3 US auto manufactuer and GM, the number 1 US auto manufacturer, are rumored to be discussing a merger. Chrysler’s majority owner is Cerberus Capial Management LP. The talks hit a bump when the question of how to value Chrysler’s losing operations came up.
In the proposed deal, Cerberus would get GMAC and [...]