Bankrupt GM and disontinued 2010 Camaro

[PQ]

Think I'd rather that yellow Jeep behind it.

[Camaro Lives On]

Originally Posted by irpq11

Think I'd rather that yellow Jeep behind it.

Same here.

[comiskeybum]

anyone else think that challenger will only go about 5 years before it goes away again? Chrysler isnt selling them for shit. I see a ton of the v6's on the lots just sitting for months.

[rmyers]

Its hard to predict. Only the strong will survive.

[Zabo]

Originally Posted by comiskeybum

time for all you guys to start converting over to Ford!!!

I would rather drive a Toyota Prius before I start driving a Ford again..

[dbotsfordtat]

Originally Posted by comiskeybum

time for all you guys to start converting over to Ford!!!

If I couldn't get a Camaro, I'd settle for a shelby cobra if they lopped 10 grand off the price, thats a good looking car. Don't be hate-in!

[Adam]

http://news.yahoo.com/s/nm/20090214/ts_nm/us_gm_plan

Sorry if this has been posted, as far as I know, this is a new development, even if it was suspected by others already.

[JMAN311]

It's 1 of MANY options. I'm not worried. Even if they did file Chapter 11 to restructure I'm still not worried. It doesn't mean they will just vanish.

[Rodrunner]

When creditors and the union won't budge, there's little other recourse. It's a shame really, but doesn't mean the end of GM.

[SSOOCH]

Yeah, but if you're not worried about buying a vehicle that could possibly not have support in the next two years you're a little foolish. I know I am now worried. Not only for my new Camaro but my 08 HHR SS that has a five year warranty through GM.

[CamaroSkooter]

Um, don't they mean Chapter 7?

[PQ]

No. they mean Chapter 11. Basically start over with what would amount to a new company.

"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."

Can't say Pontiac, Saturn, Hummer would survive. Maybe Nissan will buy Pontiac.

[Blownhotrodder]

DETROIT (AP) -- Negotiators for the United Auto Workers walked out of concession talks with General Motors Corp. Friday night in a dispute over payments to a union-administered retiree health care fund, a person briefed on the talks said Saturday.

Related Quotes
Symbol Price Change
GM 2.50 -0.15

TM 65.45 -2.01


{"s" : "gm,tm","k" : "c10,l10,p20,t10","o" : "","j" : ""} The breakdown comes at a critical time as GM races against a Tuesday deadline to submit a plan to the government showing how it can become viable.

The Detroit-based auto giant is living on $9.4 billion in government loans, and the Treasury Department must approve its viability plan for GM to get $4 billion more. Chrysler LLC, which has received $4 billion in government loans and wants an additional $3 billion, faces the same deadline.

At GM, UAW negotiators walked away because the company made demands that were "detrimental to retirees and the ability to provide health care," according to the person, who asked not to be identified because the talks are private.

GM spokesman Tony Sapienza would say only that GM is working on its viability plan.

"We're committing to meeting the goal of providing a plan as required by terms of the restructuring plan," he said Saturday.

A spokesman for the UAW did not immediately respond to a request for comment.

Under terms of the loans to GM and Chrysler laid down by the Bush Administration, both companies must gain concessions from unions and debtholders. Among targets for concessions is GM's cash contribution to a trust fund that will take over the obligation for retiree health care starting next year.

GM says it owes $20.4 billion to the fund, and the loan terms set a target of giving the union half of the value in cash and half in GM stock. The trust fund would take over health care payments for GM's roughly 500,000 blue-collar retirees and spouses starting Jan. 1, 2010.

The trust, called a voluntary employees beneficiary association, would let GM move about $46.7 billion in retiree health care costs off its books, making it more cost-competitive with Asian automakers. It is the key feature of a new four-year contract signed in 2007 with the UAW.

The union has said that if fully funded, the trust would provide health care to retirees for 80 years.

GM also must reduce its public unsecured debt by two-thirds and has been negotiating with bondholders to swap the debt for equity. The company said in a Jan. 15 presentation to analysts that it has $41.6 billion in debt.

GM, Chrysler and their unions must also agree to reduce the companies' labor costs so they are competitive with Japanese automakers that have plants in the U.S.

GM has said its total per-employee labor costs, including wages, pensions, benefits and retiree costs, are now $69 per hour. Toyota Motor Corp., GM's biggest competitor, says its hourly costs are $53. GM's costs will drop to $62 once the retiree health care trust takes effect, the company has said.

[Chevyrocker]

I hate these threads...