Word: gm
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Dates: during 2000-2009
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...issue is whether the money will come from $25 billion in loan guarantees Congress approved in September specifically for the automakers and their suppliers or from the $700 billion in federal assistance that Congress approved to bail out struggling banks. GM wants the money to come from the $700 billion and to save the $25 billion to pay for new vehicle development, noted Sean McAlinden of the Center for Automotive Research in Ann Arbor, Mich...
Wilkinson declined to say whether GM chairman Richard Wagoner, a frequent White House guest in the past, had met with Bush or other top Administration officials while pressing for government assistance...
Rumors that GM is preparing to file for bankruptcy swept through the company's plants this week. "I'm hearing they're not going to be able to meet payroll by spring," one employee at a GM assembly plant near Detroit said. GM, however, said speculation it was nearing bankruptcy is not true. "Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers, and we believe speculation about a possible filing is exaggerated and unconstructive," GM said in a statement...
Getting the federal money, however, might be only half the battle in a GM-Chrysler merger. Sources who have been briefed on the private discussions about the merger have indicated Cerberus LLC, the New York City-based private-equity firm that owns 80% of Chrysler, would want a significant stake in any company that emerges from the deal. That would include a number of seats on the board and a voice in deciding who actually manages the new company...
...GM executives have been highly resistant to Cerberus' demands for a larger management role in the merged company. "I thought this was supposed to be an acquisition," said one senior GM official. "There haven't been any discussions about governance. Why would Rick Wagoner negotiate himself...