BUSINESS
December 16, 2009 | By Dana Hedgpeth
Fourteen days after taking the helm as chief executive of General Motors, Edward E. Whitacre Jr. said the giant automaker, which went through a major bankruptcy restructuring this year, plans to repay loans from the U.S. and Canadian governments by the end of June. In one of his first face-to-face meetings with reporters at the company's headquarters in Detroit, Whitacre talked about a variety of topics, including his visit to an auto plant last week in Flint, Mich., shuffling top managers and the company's strategy of improving its vehicles, sales and brand image.
BUSINESS
December 16, 2009 | Bloomberg News
Chrysler, now known as Old Carco, filed a reorganization plan that gives nothing back to the U.S. for its $4-billion loan under the Troubled Asset Relief Program while repaying some secured lenders in full. The rough outline of a Chapter 11 plan, filed Tuesday in Bankruptcy Court in New York, said creditors classified as "other secured claims" of $20.6 million will get an estimated 100% recovery. The recovery for unsecured claims is "undetermined." The plan winds down Chrysler's 25 units that remained in bankruptcy after the sale of its most valuable assets to Fiat, which was completed June 10. The company isn't operating any businesses, and the plan would liquidate all remaining assets.
BUSINESS
December 4, 2009 | By Peter Whoriskey
Three days after the ouster of Chief Executive Fritz Henderson, General Motors Chairman Edward E. Whitacre Jr. announced a deeper management shake-up at the automaker, naming new presidents for the company's North American, European and other international divisions. The moves come as GM attempts an ambitious comeback that began in Bankruptcy Court this spring. The government-owned company has dropped or sought to sell the Pontiac, Saturn, Saab and Hummer brands, closed hundreds of dealerships and laid off thousands of workers.
BUSINESS
November 23, 2009 | By Claudia Eller and Dawn Chmielewski
If you thought President Obama moved quickly, that's nothing compared with the first 50 days of the Ross administration. In less than eight weeks, Rich Ross has swiftly stamped his imprimatur on Walt Disney Studios. The novice movie chairman and his boss, Walt Disney Co. Chief Executive Bob Iger, want to create a new business model for Hollywood to address the sweeping changes that are roiling the entertainment industry, including slumping DVD sales and the growing role the Internet plays in movie marketing.
BUSINESS
November 14, 2009 | Julie Johnsson and Michael Oneal
Signaling that infighting among creditors is bogging down reorganization efforts, Tribune Co. has asked a U.S. Bankruptcy Court in Delaware to give its management team until March 31 to craft a plan to exit Chapter 11 without interference from other parties. If all goes according to plan and the court agrees to extend management's "exclusivity" -- scheduled to expire at the end of this month -- Tribune will emerge from bankruptcy by May 31, 2010, according to court papers it filed Friday.
BUSINESS
November 13, 2009 | Dawn C. Chmielewski
A high-level executive reshuffling at the Walt Disney Co. on Thursday will give Chief Executive Robert A. Iger a deeper bench from which to choose a No. 2. The restructuring came in advance of the company's fourth-quarter earnings announcement. Disney reported an 18% bump in income, fueled by gains in the television group that helped offset a loss at the film studio and softness in the theme park business. As part of the management changes, Chief Financial Officer Tom Staggs will trade jobs at the end of the year with Parks and Resorts Chairman Jay Rasulo.