Word: gm
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...acquiring existing, well-known brands. There is no reason that a Chinese car firm cannot use government money to bid for Chrysler's assets if it is forced into bankruptcy. In France, Citroen and Peugeot are facing financial problems that could get much worse if car sales remain anemic. GM's (GM) Opel unit in Europe needs immediate capital and may be sold at a loss for the No.1 U.S. car company. The Chinese could pick up brands, manufacturing assets, product-development personnel and dealer networks on both sides of the Atlantic...
...auto industry woes are being felt here too. Over the last two decades, Mississippi, South Carolina and Tennessee lured automakers with relatively inexpensive land and lax labor laws. Now, Tennessee is fighting the possible closure of a GM plant in Spring Hill, and Toyota has already postponed the start of production of the Prius at a new plant in Mississippi...
...GM's future in these final weeks of negotiation will be decided by old men who have retired from years of blue collar living pitted against old men in business suits who have legions of attorneys trying to redeem their bonds at close to face value. The interests of each side are precious enough that neither side is likely to back down...
...fight for the last crumbs on the table has reached a point where neither GM's management nor the government will have to wield the axe. GM's creditors and retired workers will finish the company off on their...
...foot dragging on Chrysler is affecting GM, too. In a Friday conference call with the media, GM chairman Fritz Henderson lamented that GM's own union negotiations are being slowed because the UAW won't move forward until the Chrysler/Fiat negotiations are resolved. That makes sense: Whatever terms Chrysler gets will be a precedent for GM, too. GM faces a June 1 deadline from the U.S. government to produce sufficient cuts to ensure viability...