Word: gm
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
When CEO's Bob Nardelli (Chrysler), Alan Mullaly (Ford), and Rick Wagoner (GM) appeared before Congress late last month in search of a bailout, they were basically told, "Get the hell out of here until you have detailed plans to get your industry in order." Well, here they are: Three business plans, numbering between 14 and 37 pages, providing a detailed outline of how each executive plans to turn his company around - and what the Federal government can do to help...
...GM: "An immediate temporary Federal loan in the amount of up to $4 billion in the month of December 2008 ... GM would look to draw up to an additional $4 billion in January to fund operating losses caused by very low levels of North American production ... If industry conditions do not improve materially, GM would access another $2 billion ... bringing the total draw to as much as $10 billion by the end of the first quarter...
...GM: "Employment [has been] reduced 42% from 167,000 to 97,000 ... GM is immediately ceasing all corporate aircraft operations, unfortunately impacting approximately 50 hourly and salaried employees...
...GM: "GM must reluctantly, but necessarily, turn to the U.S. Government for assistance. Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry and its extensive supply chain ... The cost of failure in this instance would be enormous for everyone ... Regionally a failure at GM would devastate Michigan and other Midwest states...
...acutely aware that our domestic competitors are, by their own reporting, at risk of running out of cash in a matter of weeks or months. Our industry is an interdependent one. We have 80 percent overlap in supplier networks. Nearly 25 percent of Ford's top dealers also own GM and Chrysler franchises. That is why the collapse of one or both of our domestic competitors would also threaten Ford...