GM’S ROAD OUT of bankruptcy has been cleared today by US Federal Judge Robert Gerber, who ruled yesterday that the beleagured manufacturer can begin selling its assets to a “New GM” entity.

The ruling is a major boost to GM’s plan to get out of Chapter 11 bankruptcy protection and paves the way for the new [...]

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YESTERDAY IT SEEMED that Chrysler’s bid to shack up with a Fiat-led consortium and to commence its Government-ordered reorganisation was in jeopardy, with three Indiana-based pension funds lodging an appeal with the US Supreme Court alleging the Chrysler-Fiat deal was illegal.

As a result the US Supreme Court put a hold on Chrysler’s sale while it [...]

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IN A MOVE that will have surprised no-one: General Motors US will file for bankruptcy early tomorrow morning, Australian time.

As outlined in an announcement from the Obama Administration detailing the bankruptcy process, the move will leave the US Government – and consequently, US tax-payers - with a 60 percent equity stake in the giant automaker.

The [...]

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A planned US$1.2 billion development fund for hydrogen fuel cell-powered cars set up by the former Bush administration has been dumped by US President Barack Obama.

The issue of fuel cells has been a contentious one, with many believing the technology is of dubious benefit when battery-electric cars offer a far simpler solution. The USA’s newly-minted [...]

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Word on the wire is that US President Barack Obama will announce that Chrysler LLC will be placed into Chapter 11 bankruptcy, a move which will enable Chrysler to continue operations while temporarily relieving it of its substantial debt obligations.

Chapter 11 bankruptcy protection has been a likely option for some time now, and, perhaps strangely, [...]

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After lengthy negotiations Daimler has finally separated itself from Chrysler, with the announcement this week that the German company will return its remaining 19.9 percent stake in the struggling automaker.

Chrysler, Cerberus Capital Management (the current majority stakeholders in Chrysler) and the US Pension Benefit Guaranty Corporation came to an agreement with Daimler on Monday. The [...]

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The deck chairs are still being rearranged on the deck of that ‘other Titanic’, the desperately struggling US carmaker, Chrysler LLC.

Whether Fiat SpA can save it from a cold oblivion remains uncertain. Nevertheless, news has surfaced that Fiat CEO, Canadian Sergio Marchionne, may take the top job at Chrysler as part of the new (revised) [...]

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GM US’s restructuring plan, posted on the US Treasury website, will make unpalatable reading for the US Administration and long-suffering US tax-payers (those still in jobs and paying tax that is).

In it, GM outlines plans to cut costs and to reduce its global workforce by 47,000, including yet more cuts to its US workforce with [...]

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