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Emblematic of the troubles that the once mighty Big Three face are the merger discussions taking place between GM and Chrysler, which is controlled by the New York private equity firm of Cerberus. Any GM/Chrysler merger would very likely involve what amounts to battlefield surgery, requiring the traumatic amputation of several factories, hundreds of dealerships across the country and thousands of blue and white collar jobs. GM, which has been fighting rumors of bankruptcy since mid-summer, has had a hard time lining up the financing that would be needed for any deal with Chrysler, even though the U.S.Congress recently...

Author: /time Magazine | Title: Detroit's Big Three Near the Brink | 10/24/2008 | See Source »

...chopping 25% of its white collar work force, about 5,000 people, and a like number of contract workers. "These are truly unimaginable times for our industry," said CEO Robert Nardelli in the statement. "We continue to be in the most difficult economic period most of us can remember." GM boss Rick Wagoner told employees in an Email that the company has to make more cuts and urged anyone on the retirement fence to get off it and go, since buyout packages are being reduced. To conserve cash, GM will also stop matching 401(k) contributions for executives...

Author: /time Magazine | Title: Detroit's Big Three Near the Brink | 10/24/2008 | See Source »

General Motors is 100 years old this year, but its chances of reaching 101 as an independent company seem to be diminishing. GM is running out of cash and ideas and pursuing merger talks with Chrysler, which is also talking to Nissan. Ford Motor Co. this year celebrated the 100th anniversary of the Model T, an invention that significantly altered almost every aspect of American life from shopping to sex. But Americans are doing demonstrably less of the former when it comes to cars. Sales are braking quickly, and this month are expected to be at their lowest level...

Author: /time Magazine | Title: Detroit's Big Three Near the Brink | 10/24/2008 | See Source »

Terrible sales, however, are only one part of the many difficulties that have engulfed American carmakers. GM, Ford and Chrysler, are also facing monumental financial challenges that have left them with poor credit ratings, making it prohibitively expensive to raise cash to finance auto sales...

Author: /time Magazine | Title: Detroit's Big Three Near the Brink | 10/24/2008 | See Source »

...Imminent bankruptcy concerns at GM/Ford appear overdone and any potential GM-Chrysler deal that enhances liquidity at the new entity may lead to a rally in GM shares as well as the shares if its dependent suppliers. But we increasingly view such a rally as potentially tenuous," said J.P. Morgan's Himanshu Pate in a recent note to investors still hanging on to shares trading at historic lows. That no longer includes Kirk Kerkorian. The Los Angeles mogul, who has made a fortune buying and selling auto stocks over the past two decades, dumped his big block of Ford shares...

Author: /time Magazine | Title: Detroit's Big Three Near the Brink | 10/24/2008 | See Source »

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