Word: gm
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...could try to make the Fiat proposal work, using the leverage of bankruptcy to force concessions and the Treasury's wallet to refinance the debt and recapitalize operations as debtor in possession. Some task-force members argued that, painful as it would be, liquidating Chrysler would strengthen the survivors - GM and Ford...
...West Virginia called on Treasury to go easy on small-town car dealers, who create jobs and pay taxes in far-flung communities. Pension and health-insurance benefits that might have been wiped out in a strictly commercial bankruptcy have instead been elevated to priorities. (See pictures of GM factory-scapes...
...sound plan for a stand-alone Chrysler was out of the question; it was deeply in debt, bleeding money and saddled with unpopular products. Of the 20 best-selling vehicles in the U.S. in 2008, only one, the Dodge Ram pickup, was made by Chrysler - compared with five for GM and four for Ford. A venerable European carmaker, Daimler, had already tried and failed to revive Chrysler. Its current owner, the private-equity fund Cerberus, had spent months of fruitless globetrotting in search of another car company willing to give...
...Politics of Haircuts GM followed Chrysler toward bankruptcy like the next car on a roller coaster. The path was clear: if Chapter 11 was necessary to restructure the smaller, privately owned company, it would surely be needed to resolve the troubles of the publicly held behemoth. But simply seeing where things were headed didn't change the fact that it would be a wild ride...
...failure of GM was a long time in coming, but in a sense, its case was more promising than Chrysler's. Given the strides GM has been making to repair decades of mismanagement - streamlining production, coordinating design, improving quality - there was a chance the company might have saved itself in a better economy. But with American vehicle sales dropping from 16 million in 2007 to a projected 9 million or 10 million this year, GM had no hope of servicing its massive debt. (See the 12 most important cars of all time...