Chrysler sends letters to 789 rejected stores, in first of arbitration steps
Chrysler Group today sent letters to 789 rejected U.S. dealerships, kicking off a legislated process that could restore the franchises through arbitration. The dealers have until Jan. 25 to notify
2010 Chevrolet Equinox Preview
It’s back to basics at General Motors: make cars that sell. The 2010 Chevrolet Equinox is intended to do just that. No, it doesn’t have fancy hybrid or clean-diesel technology (for now), but it does have the design and specifications for today’s car buyer. Fresh exterior styling wraps a body which has basic dimensions within [...]
General Motors moves to shed 1,100 dealers
GM takes action in a restructuring plan that would shrink its distribution network from 6,000 to 3,600 by the end of 2010. The company is trying to avoid bankruptcy. The painful reshaping of the American auto industry hit home this week, delivered overnight by FedEx and UPS. Over the last two days, General Motors Corp. [...]
General Motors Pays Workers Early in Anticipation of Bankruptcy
General Motors has paid about 90,000 U.S to their employees to show that they are not effected by the anticipated bankruptcy filing. Normally GM employees are paid on Friday, however, this week checks were issued on Tuesday, told spokesman Tom Wilkinson. “It was done to reassure workers worried about bankruptcy,” he said.
General Motors to Enter Bankruptcy on Monday
General Motors’ bondholders received a much better deal this morning than the previous offer of a 10 percent stake in the company if they didn’t oppose the company’s bankruptcy filing. It’s now reported that the company will file for bankruptcy this Monday. According to the Detroit Free Press,
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