Word: gm
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Dates: during 2000-2009
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...Detroit may still collapse. This will be determined by the federal government. The government can keep the industry on life support even if GM (GM) and Chrysler do not get cooperation from the UAW and creditors. If the two firms are thrown into bankruptcy, the number of people then out of work would conservatively be measured in hundreds of thousands. (See pictures of Detroit...
...General Motors fights for survival, the catalog of its recent woes must include the name Fiat. Not only did a 2000 partnership between the U.S. and Italian carmakers sputter badly - as the two companies struggled to find consumer-friendly models and integrate their production facilities - but also GM was eventually forced into an unprecedented $2 billion "divorce" payout to avoid having to purchase the then debt-plagued Fiat...
Fiat, which began a remarkable turnaround with the whopping cash payout from GM in 2005, is also struggling again, along with the rest of the auto industry, as car sales plummet amid a deepening economic crisis. Fiat has been itching to get its stylishly economic models on the market in the U.S., and the deal with Chrysler can be seen as part of a series of "strategic partnerships" it has sealed with other automakers in recent years, including one with Tata motors and a deal to build diesel engines with Daimler-Chrysler, before the breakup last year of that German...
Indeed, to understand the evolution that led to Tuesday's announcement, it is worth returning to the 2005 negotiations in which GM was forced to buy itself out of the cumbersome put option in its alliance with Fiat. The then brand-new CEO of the Turin company, Sergio Marchionne, emerged as a tough-as-nails dealmaker as he sat across the table from top GM executives. The Italian-born, Canada-raised Fiat chief told his American counterparts they would cough up the full value of the put option or battle it out in court. GM blinked, and the huge payout...
...billion loan to GM raises hopes that the company can survive the first quarter and present a complete re-organization plan by March 31. GM hasn't said yet whether it will require additional loans during this quarter - $4 billion more has been authorized - though CEO Rick Waggoner, speaking to reporters at the Detroit Auto Show, said it is a possibility. He also said that a GM bankruptcy is still "an option...