May 1, 2009 |
The major players in a key industry file for bankruptcy protection with the hope of reshaping operations quickly and coming back to compete more strongly. But it's not the automakers; it's the airlines, which just a few years ago underwent a wrenching restructuring in Bankruptcy Court that fundamentally altered the travel industry. Circumstances are different. But with Chrysler's filing for bankruptcy protection Thursday, and General Motors Corp.
April 14, 2009 |
Ford Motor Co. has long maintained that a bankruptcy filing by one of its Detroit competitors could have disastrous effects on it as well. Wall Street seems to think otherwise. With bankruptcy rumors growing ever louder, General Motors Corp. shares have struggled to reach $2 in recent months, falling 33 cents, or 17%, to $1.71 on Monday after a Standard & Poor's downgrade drove its bonds to record lows. Ford, meanwhile, has been steadily climbing, rising 2 cents to $4.26 on Monday.
March 31, 2009 |
President Obama on Monday announced plans to cope with the problems facing Detroit's auto industry. Here is a primer of the issue and how it will affect consumers. Why does the car industry have a problem? Essentially, fewer people bought cars from General Motors Corp., Chrysler and Ford Motor Co.
February 19, 2009 |
Pay a lot now, or much more later. That's the choice General Motors Corp. and Chrysler presented Washington this week as they requested $22 billion in additional bailout money -- and warned that the tab could be many times that should the companies go bankrupt. Despite historic sales declines, critics contend that the automakers' arguments are simply posturing to squeeze more money out of the government and to make billion-dollar cash infusions seem more palatable.
February 3, 2009 |
Honda Motor Co. said Monday that managers' salaries would be slashed 5% starting next month to cope with sliding sales. The cut comes on top of the 10% pay reduction for directors announced last month. The move affects about 4,800 managers at Honda group companies in Japan, but not those hired by Honda's overseas units, the company said. The reduction continues through May, and what happens after that is still undecided, it said. Japan's No.
January 29, 2009 |
I was listening the other day to a couple of American automobile executives complain to the president of the United States about emission regulations and all their other burdens -- high wages, government safety mandates, unfair foreign competition. You know the list. They said this stuff was killing the industry. "We are in a downhill slide, the likes of which we have never seen in our business," one remarked. The Japanese, he said, "are in the wings ready to eat us up alive."