GM Announces Restructuring, More Cuts

[harry gilbert]

General Motors unveiled an accelerated overhaul today, with deeper job and production cuts and a debt swap giving effective control of the ailing automaker to the US government and its main union.

The new plan, which also calls for an end to the Pontiac brand, aims to get out of a crushing debt burden by converting much of that to stock -- a move that would give a combined 89 percent of GM shares to the US Treasury and United Auto Workers union.

Fritz Henderson, GM president and chief executive, said that bankruptcy remains highly probably given the reluctance of bondholders to accept a reduced value for the debt.

AFP: GM seeks to trade debt for stock to avoid bankruptcy

 

[Fast Freddy]

with Obama in control now you can kiss the V-8 goodbye :nonono:

i bet by the end of his term the camaro will be dead and the base corvette will have a V-6. the only car left that GM will offer with a V-8 will be the Z06 and it will carry a HUGE gas guzzler tax and will have less power than it currently does now too.

all you idiots that voted for Obama i hope you are happy now :bash:

as a result of this i have decided that i will not sell my corvette. i have taken it off the market and it is no longer for sale now. the value of my camaro and my corvette have just gone up.

 

[ModularFan]

with Obama in control now you can kiss the V-8 goodbye :nonono:

i bet by the end of his term the camaro will be dead and the base corvette will have a V-6. the only car left that GM will offer with a V-8 will be the Z06 and it will carry a HUGE gas guzzler tax and will have less power than it currently does now too.

all you idiots that voted for Obama i hope you are happy now :bash:

as a result of this have decided that i will not sell my corvette. i have taken it off the market and it is no longer for sale now. the value of my camaro and my corvette has just gone up.

I surely hope thats not the case, but it wouldn't surprise me either, if the Corvette had V-6 I don't think GM would bother making them then in all honesty, because that would also mean a price drop of the vette as well.


Then there would be no need for a Camaro.

 

[Coiled03]

RIP Pontiac

 

[Fast Freddy]

I surely hope thats not the case, but it wouldn't surprise me either, if the Corvette had V-6 I don't think GM would bother making them then in all honesty, because that would also mean a price drop of the vette as well.


Then there would be no need for a Camaro.

Obama has plans to fine any business that exceeds what he thinks is an acceptible amount of emmissions. i heard him talking about it last week on CNBC. its called a "carbon cap" :read:

 

[DriftwoodSVT]

all you idiots that voted for Obama i hope you are happy now :bash:

as a result of this i have decided that i will not sell my corvette. i have taken it off the market and it is no longer for sale now. the value of my camaro and my corvette has just gone up.

I'm a republican, but what you are saying is just speculation at this point. 'The Messiah' needs to worry about other things first IMO.

 

[PSUCOBRA96]

I still dont know if this will save them from bankruptcy

 

[Fast Freddy]

RIP Pontiac

more like RIP all muscle and sports cars :nonono:

its the 70's all over again except this time it is worse :mj:

 

[Fast Freddy]

I still dont know if this will save them from bankruptcy

i hope they do go bankrupt. i would rather that than a gov't takeover......:fm:

 

[mc01svt]

with Obama in control now you can kiss the V-8 goodbye :nonono:

i bet by the end of his term the camaro will be dead and the base corvette will have a V-6. the only car left that GM will offer with a V-8 will be the Z06 and it will carry a HUGE gas guzzler tax and will have less power than it currently does now too.

all you idiots that voted for Obama i hope you are happy now :bash:

as a result of this i have decided that i will not sell my corvette. i have taken it off the market and it is no longer for sale now. the value of my camaro and my corvette has just gone up.

way to go throwing you political views into this thread. This has nothing to do with the problems at GM :sleeping:


Also, last time I checked Obama's personal vehicle was a chrysler 300C HEMI. I seriously doubt he has some personal vendetta against V-8 cars. :bash:

 

[Fast Freddy]

way to go throwing you political views into this thread. This has nothing to do with the problems at GM :sleeping:


Also, last time I checked Obama's personal vehicle was a chrysler 300C HEMI. I seriously doubt he has some personal vendetta against V-8 cars. :bash:

see post #5 of this thread ;-) ^^^^^

 

[harry gilbert]

The biggest issues currently facing GM are:

- legacy healthcare and retirement costs
- higher wages than (foreign) competition
- poor brand differentiation -- too much overlap
- too many dealers
- production overcapacity and resultant high fixed costs relative to unit sales

It's a shame, as they were starting to get some decent design and engineering. As I have stated from the beginning, reorganization under bankruptcy is probably inevitable.

 

[Fast Freddy]

Did GM just announce the tresuray will get a controlling share of GM!?!?! - Corvette Forum

 

[Grizzly Adams]

see post #5 of this thread ;-) ^^^^^

That is an extremely oversimplified version of a cap & trade system and does not paint a realistic picture of real world events or possibilities. Even that is still just an idea at this point and may or may not be implemented any time soon.

 

[SolarYellow]

Did GM just announce the tresuray will get a controlling share of GM!?!?! - Corvette Forum

A major arguement against GM filing for bankruptcy was because people wouldn't buy from a company who filed. How many people would buy from a car company controlled by the gov't? The gov't screws up everything it gets it hands on. This wouldn't be any different.

 

[DriftwoodSVT]

Did GM just announce the tresuray will get a controlling share of GM!?!?! - Corvette Forum

Can't exactly say I'm surprised.

 

[HYBRED]

a move that would give a combined 89 percent of GM shares to the US Treasury and United Auto Workers union.

Wait...so they're giving themselves to the people largely responsible for their demise? Yeah, makes sense...:dw:

 

[romi]

I thought the bailout was going to help help create jobs, not reduce them. More workers getting laid off, :nonono: Our tax dollars hard at work.

 

[Fast Freddy]

i will never buy a GM vehicle again. they should have declared bankruptcy before allowing themselves to be taken over by the Gov't.

Death before dishonor......

GM Failed in more ways than one

 

[ModularFan]

That is an extremely oversimplified version of a cap & trade system and does not paint a realistic picture of real world events or possibilities. Even that is still just an idea at this point and may or may not be implemented any time soon.

thats a bold statement, "keywords anytime soon" you make it sound like its bound to happen but not right away.

I don't think it will happen at all look what he said about the Gun laws he backed off that subject, because it wasn't logical at this point and time.

Its probably gonna get worse before it gets better.