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...United Auto Workers has scrapped the jobs bank and is looking to modify other aspects of its existing labor agreements with General Motor Corp, Ford Motor Co. and Chrysler as part of the effort to secure federal aid for the three automakers...
...reinforce the urgent need for progress, Gettelfinger brought in Steve Girsky, managing director of Centerbridge Partners, who briefed the joint meeting of the Union's General Motors, Ford and Chrysler councils about the situation. "They asked me to explain how they got into this situation and I did," Girksy told TIME. He declined to offer any details of the sobering briefing but said the situation was "grim...
...companies are focused on getting help from Washington sooner rather than later. Later this week, they return to Capitol Hill to make the case for $34 billion in bridge loans to help their companies rebound from staggering debt loads and enormous losses. Having failed to convince Congress last month, Ford's Alan Mulally, General Motors' Rick Wagoner and Chrysler's Robert Nardelli are scheduled to testify this Thursday and Friday to present detailed plans on how the American automobile industry can survive the current economic woes and even thrive into the future. (See the 50 Worst Cars of All Time...
...What's unclear is if the Big Three, particularly GM, can last that long. Ford said in the recovery plan it submitted Tuesday that it can survive through 2009 without a loan - provided neither one of its two competitors goes bankrupt and drags down the industry's entire supplier network. But Chrysler asked for $7 billion in loans, and GM said it would need $4 billion by the end of this month and upwards of an additional $14 billion next year to survive. All told, the companies have asked the Federal Government for $34 billion (including a $9 billion emergency...
...This time around, all three are making a symbolic gesture by driving hybrid cars from Detroit. Ford and GM have pledged to sell at least some of their jets, and all three CEOs said they would forgo salaries if they got the help they need, though that may not satisfy critics who claim the companies need entirely new management. More significantly, GM has pledged to consolidate its sprawling number of brands (focusing on Chevrolet, Cadillac, Buick and GMC), cut more than 20% of its remaining jobs, shutter almost a quarter of its factories and try to reduce crippling labor costs...