Word: carlies
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...engagement has become hand-to-hand as the fight to see who will make it out of the rubble of the GM (GM) restructuring comes to a close. The most recent development is that the car company's retired workers are blaming the firm's creditors for dragging their feet and pushing GM closer to bankruptcy. On the one side is a group that wants its money back and on the other are the people who worked on the assembly line for decades and don't want to spend their golden years without healthcare or a pension...
...becoming so desperate that it may offer a program to exchange its $28 billion in unsecured debt for equity in the company. The bondholders would not get a penny under the plan being proposed. The GM shares they would receive may be worthless in a year if the car company cannot mount a furious comeback against both the economy and more well-financed and adroit competitors from Asia. GM is so close to being put into Chapter 11, effectively at the hands of the federal government, that its offer of equity-for-debt will probably by-pass the powerful committee...
...good chance of keeping their jobs if the company remains independent and gets significant government loans. GM has already cut so many blue collar workers that it operates with a skeleton staff and will not have the capacity to ramp up production with its current staff levels when the car markets eventually rebound even if the rebound is a modest...
...compared to last year shows how quickly relatively successful businesses replace failing ones in a marketing system where the bidding for space goes on 24/7 and 365 days a year. If financial services companies are spending 50% less on Google, then some other industries are spending much more. If car firms have withdrawn all of their advertising budgets then companies that provide help to people with too much debt must have stepped up what they spend...
...carmaker's management is struggling to assemble a rescue package that in addition to any UAW givebacks will have to include closing more plants and getting big help from Italian carmaker Fiat, which would contribute its own small-car designs and technology. Failure would saddle major banks with $7 billion in new losses, leave Chrysler's former owner, Daimler AG on the hook for more than $1 billion in additional pension costs and wipe out the health care for thousands of Chrysler retirees...