General Motors ready to file for bankruptcy

Mycroft H

http://news.bbc.co.uk/2/hi/business/8075818.stm


This cant be good for the global car industry.

Its seems that saab may be taken under with it, though i hope they wont.

El Guapo!

GM are supposed to be getting a $50 billion bail-out by the U.S government. It'll be Chevrolet, Opel, Saab all in trouble. Plus the knock on effect will prob be catastrophic.

Mycroft H

Dean09 wrote: »

GM are supposed to be getting a $50 billion bail-out by the U.S government. It'll be Chevrolet, Opel, Saab all in trouble. Plus the knock on effect will prob be catastrophic.

Opel were taken over by a canadien company, and germanys goverment bailed them out, providing all the money given remained in germany.

Mycroft H

Dean09 wrote: »

GM are supposed to be getting a $50 billion bail-out by the U.S government. It'll be Chevrolet, Opel, Saab all in trouble. Plus the knock on effect will prob be catastrophic.

Opel were taken over by a canadien company, and germanys goverment bailed them out, providing all the money given remained in germany.

Its poor old saab that worries me, hope someone buys them and holds on to the marque.

El Guapo!

Well Saab have been in trouble for a while now anyway. Sales have plummeted. Im not a fan of Saab but it'll still be sad to see them go if they do.

mike65

Hmmm, Vauxhall to cease to be probably despite having the most efficent plants in GM Europe.

TheInquisitor

About time!

Gudgeoon

landyman wrote: »

This cant be good for the global car industry.

It's good for an industry when the under-performing companies are allowed to fail. It's like pruning.

AugustusMaximus

mike65 wrote: »

Hmmm, Vauxhall to cease to be probably despite having the most efficent plants in GM Europe.

I doubt this very much.

Why would GM and Opel want to scrap Vauxhall ? If you replaced Vauxhall with Opel you would prob sell less cars in the UK as the Brits would think they are suddenly buying German instead of British.

I'd also imagine that Saab will be sold off fairly soon too.

VolvoMan

Is it not just 'bankruptcy protection' they're going through, where the company goes through a restructuring process and re-emerges again?

AugustusMaximus

VolvoMan wrote: »

Is it not just 'bankruptcy protection' they're going through, where the company goes through a restructuring process and re-emerges again?

I think a lot of people are mixing up bankruptcy and liquidation.

L1011

mike65 wrote: »

Hmmm, Vauxhall to cease to be probably despite having the most efficent plants in GM Europe.

Apparently Peter Mandelson has managed to get assurances that both the plants and the brand will remain under the new owners (likely to be a Canadian OEM parts maker at this stage of the game); believe it and keeping the German plants is a condition of the state aid they're getting.

af_thefragile

Someone should file a petition to let GM die!

Obama, stop with your socialism!!!

swingking

af_thefragile wrote: »

Someone should file a petition to let GM die!

Obama, stop with your socialism!!!

GM will die eventually. No one is buying cars

Ruu_Old

The Dow Jones will be booting out GM shortly as well of course. What next for my poor Saturn. I hear many plants are going on "standby".

RayM

af_thefragile wrote: »

Someone should file a petition to let GM die!

Obama, stop with your socialism!!!

Yeah, who needs 173,000 jobs anyway?

JHMEG

A lot of those jobs are in Mexico, but we'll ignore that (a job is a job). My understanding is GM is being essentially nationalised, a bit like Anglo here.

McSpud

JHMEG wrote: »

A lot of those jobs are in Mexico, but we'll ignore that (a job is a job). My understanding is GM is being essentially nationalised, a bit like Anglo here.

US government will own i think 60% of GM. Not sure how much the unions own now.

I guess Ford should make big gains in the US as they have largely stayed away from government control. New CEO is cutting their range of cars & will sell Fiesta & Focus in the US.

Guy:Incognito

What do the US government know about making cars that GM themselves dont? How is pumping money in going to make people want to buy GM cars they didnt want to buy last week?

mumblin deaf ro

As a footnote could I add that former GM-enslaved Saab are down to the final few interested bidders.

I really, really hope koenigsegg buy them (swoon!):

http://www.reuters.com/article/innovationNews/idUSTRE54R75520090528

Zube

Stekelly wrote: »

How is pumping money in going to make people want to buy GM cars they didnt want to buy last week?

Do-more

General Motors in tentative deal to sell Hummer
http://www.mail.com/Article.aspx?articlepath=APNews\General-Business\20090602\US-General-Motors-Hummer.xml&cat=money&subcat=business&pageid=1

General Motors Corp. said Tuesday that it has tentatively agreed to sell its Hummer brand, a day after the U.S. automaker filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within just 30 days.

The Detroit-based company did not name the proposed buyer or the price, but said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.

"We're not today in a position to be able to identify a buyer. it was part of the agreement," GM Chief Executive Fritz Henderson told CBS's "The Early Show." "We believe the buyer is quite capable of closing.">>>>

Maybe it's Arnie and next he'll be doing TV ads "I loved my Hummer so much, I bought the company"

Mycroft H

mumblin deaf ro wrote: »

As a footnote could I add that former GM-enslaved Saab are down to the final few interested bidders.

I really, really hope koenigsegg buy them (swoon!):

http://www.reuters.com/article/innovationNews/idUSTRE54R75520090528

Yes that would be brilliant! And lol at the poster!

mumblin deaf ro

I can see it now:

"I'm thinking of buying a new Saab - any advice?"

"It's just a koenigsegg in drag . . ."

Zonda999

With opel/vauxhall being sold, anyone know what is going to become of the Opel/Vauxhall Ampera? It was basically the new Chevy Volt in disguise but with Opel now being separate, i wonder if they will be getting it at all. To be fair, opels range had improved considerably of late with the new insignia and astra on the way



I quite liked the look of the thing tbh. I hope we will still get it in a couple of years

Stephen

^^ Looks like a stretched and slightly squashed Honda Civic!

godtabh

Stephen wrote: »

^^ Looks like a stretched and slightly squashed Honda Civic!

with focus wheels

Capt'n Midnight

Gudgeoon wrote: »

It's good for an industry when the under-performing companies are allowed to fail. It's like pruning.

if you want a decent sized airliner your choices include
Ilyushin Il-96 / Tupolev Tu-204

but realistically it's Airbus or Boeing

and find out how much Boeing make for each shuttle launch as well as the military stuff

McSpud

Us car makers are a mess & free government money isn't going to motivate them to sort out their businesses. No matter how necessary GM now know they government sees them as too big to fail to will bail them out again in the future. We have the same thing with our banks.

Hummer sold to the chinese or China's Sichuan Tengzhong Heavy Industrial Machinery.

Somehow I don't see too many hummers sold in China. :pac:

zilog_jones

Knowing China, they'll probably make some new body panels for an Austin Montego or Seat Toledo Mk. I (or whatever other old junk they bought the tooling for) and call it a Hummer

McSpud

Hummer brand worthless for small cars but maybe they will build trucks with it?

BostonB

I thought there was a lot of new wealth in China?

http://www.time.com/time/asia/covers/1101020923/