Obama Transition Team Said to Weigh Prepackaged Bankruptcy for AutomakersPresident-Elect Barack Obama 's transition team is exploring a swift, prepackaged bankruptcy for automakers as a possible solution to the industry's financial crisis, according to a person familiar with the ...
Stocks decline as hopes fade for immediate bailout Flip-flopping sentiment about the prospects for U.S. automakers battered stocks again Thursday as hopes rose then fell that lawmakers would soon put together an aid package for the companies. Stocks declined after a brief advance that came on hopes that Washington would agree to help Detroit's Big Three.
Democratic leaders in Congress delayed a vote on bailing out the auto industry until December and are asking the companies to present a plan to show how the $25 billion cash injection they have sought would be used. Stocks rose briefly Thursday after a bipartisan group of senators reached a compromise to funnel emergency loans to General Motors, Ford and Chrysler.
Adic Mena to acquire OrasInvestDubai: ADIC MENA Partners, LP, a private equity fund advised by ADIC PE Management LLC, a subsidiary of the Abu Dhabi Investment Company, has agreed, along with other investors, to purchase OrasInvest from ...
Auto Bailout Vote Pushed To DecemberDemocratic leaders have decided to put off a bailout vote for the auto industry until December and will insist that the Big Three first come up with a plan showing how the money would help transform their ...
GM says board doesn't see bankruptcy as option General Motors Corp.'s board of directors does not consider bankruptcy protection a viable option to solve the company's financial troubles, but it has discussed Chapter 11 because it has a legal duty to do so, a spokesman said Saturday.
Century-old GM, an icon of American manufacturing, has been battered by a plunge in car sales as American consumers tighten their belts and shift away from the big moneymaking pickup trucks and SUVS that have long the staples of GM's lineup.
GM, which has slashed jobs and closed plants since early in the decade, has warned that it could run low on cash by the end of the year unless it gets a taxpayer-funded rescue from the government.