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General Motors decides not to sell Opel

http://www.motorward.com

“GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,” said Fritz Henderson, president and CEO. “We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long term solution for our customers, employee, suppliers, and dealers, which is reflected in the decision reached today. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future.”

On a preliminary basis, the GM plan entails total restructuring expenses of about € 3 billion, significantly lower than all bids submitted as part of the investor solicitation. GM will work with all European labor unions to develop a plan for meaningful contributions to Opel’s restructuring. While Opel continues to outperform against its viability plan assumptions and immediate liquidity is stable, time is of the essence.

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Created by Dr Who 3 years 31 weeks ago – Made popular 3 years 31 weeks ago

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1

Germans Frustrated Over G.M. Keeping Opel

http://dealbook.blogs.nytimes.com

Feeling jilted after six months of negotiations, German officials reacted angrily Wednesday to General Motors’ decision to keep its European business, Opel, rather than sell a majority stake to a consortium backed by Berlin, The New York Times’s Nelson D. Schwartz, David Jolly and Bill Vlasic reported.

Expressing frustration with the U-turn, the new German economics minister, Rainer Brüderle, vowed to make the Detroit automaker repay the money that had already been lent. “We will get back taxpayers’ money,” he told reporters in Berlin, deeming G.M.’s move “totally unacceptable.”

Klaus Franz, the top labor leader at the company’s headquarters in Rüsselsheim, Germany, called it “a black day.”

“The path back to General Motors is something we won’t sign on to,” he added.

Opel workers, along with the German government, had strongly backed a sale to the Canadian-Austrian auto parts company Magna and Russia’s Sberbank, believing that would protect the most jobs. G.M.’s European operations include the Opel and Vauxhall brands.

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Created by Dr Who 3 years 31 weeks ago – Made popular 3 years 31 weeks ago

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2

Who Bought Hummer

http://www.huliq.com

No body knows who bought Hummer. General Motors sold Hummer to mystery buyer just one day after GM filed for bankruptcy. GM says it has entered into a memorandum of understanding to sell Hummer. The deal will preserve HUMMER as global off-road brand and will secure 3000 jobs in the United States. However, General Motors' release has no word as to who bought Hummer. General Motors had said in April (according to CNN) that it was considering three serious offers for Hummer. Reuters report doesn't know who bought Hummer either, but has some more information about bidders who were interested in Hummer in April. According to it, non of the bidders are automakers. One bidder is from USA and the other two are wealthy individuals from overseas.

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General Motors reaches deal to sell gas-guzzling SUV Hummer

http://ceoworld.biz

General Motors says it has completed a deal to sell off its fuel-guzzling SUV Hummer brand. The US manufacturer, which has received tens of billions of dollars in bailout money from the US Government, sought bankruptcy protection yesterday. It says the sale of the Hummer brand will probably save around 3,000 jobs. GM is also trying to sell its Saab and Saturn brands and will phase out Pontiac as it concentrates on the Chevrolet, Cadillac, Buick and GMC marques.

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