Detroit 3 ready for Capitol HillWASHINGTON - Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.
The Auto Lawyers - Who Would Act On An Auto Chapter 11?Posted on Tuesday, November 25, 2008 LawFuel - The Law News Network Should one of Detroit's Big Three auto manufacturers go bankrupt, it will be among the largest Chapter 11 filings in U.S. history.
Sweden talks to US carmakers about Saab, VolvoThe Swedish government confirmed Monday it is in talks with General Motors Corp.
BCE deal may be in jeopardy due to solvency issues The largest leveraged buyout in history is unlikely to close after the Canadian telecom company BCE Inc. said Wednesday an audit has found the proposed $35 billion deal to take the company private may not meet solvency requirements.
An investment group led by the Ontario Teachers Pension Plan Board and several U.S. partners had expected to complete its deal for BCE, the parent of Bell Canada, on Dec. 11. It would have been the biggest takeover in Canadian history.
A preliminary review by accounting firm KPMG found that BCE would not meet the solvency tests of the privatization agreement, partly due to the amount of debt involved in the transaction and current market conditions, BCE said. The company must meet the solvency requirements for the acquisition to be completed.
GM Europe wants to cut labor costs 10 percent General Motors Europe wants to cut labor costs by 10 percent without eliminating jobs, according to a letter sent to GM employees.
In the letter, obtained by The Associated Press on Thursday, GM Europe chief Carl-Peter Forster said the company was being squeezed by falling sales amid the world economic crisis and a trend among consumers to buy smaller, more efficient cars.
GM will attempt to make up for the decline by cutting work hours and pay, as well as 'other labor cost related initiatives,' but the company does not envision job cuts at the moment, the letter said.