A former Ford Motor Company subsidiary has filed for Chapter 11 bankruptcy protection today. Visteon Corp. has been struggling with reduced demand from automakers as they have planned extended plant shutdowns this summer. Visteon is as important to Ford as Delphi Corp., is to General Motors.
Speaking about General Motors, or should I say Government Motors, it is planning to file for Chapter 11 bankruptcy protection in the next coming days. It will join Chrysler, LLC. in that feat. In the proposed GM deal at this time, bondholders representing $27 billion in debt would be offered 10 percent of a reorganized GM, according to Reuters. The rest of the deal is: U.S. Treasury would own 72.5 percent and the United Auto Workers would own 17.5 percent of the new GM.
Socialism is here to stay. The government is beginning to own everything.
Meanwhile, Press Secretary Robert Gibbs says that GM shareholders must sacrifice if the automaker is going to survive:
IN THE NEWS:
Associated Press: Visteon files for Chapter 11 bankruptcy protection
Reuters: GM makes new bondholder offer ahead of bankruptcy
Showing posts with label Ford. Show all posts
Showing posts with label Ford. Show all posts
Thursday, May 28, 2009
Tuesday, December 2, 2008
Big 3 Ask For Money: Part Deux
It looks as though Detroit's "Big Three" have a plan now. At least it includes not flying to Washington on private jets. Instead, the chairmen of General Motors, Ford and Chrysler will be driving themselves from Michigan to D.C. in their latest hybrid automobiles. That's a start. It's better than flying, but still, hybrids aren't exactly cheap vehicles, but they do get better gas mileage, I suppose.
Ford Motor Company says they are in the best shape of the three. At least that's what they say now, yet, they still want a loan. Go figure. Chrysler, LLC also wants a loan, but they wont say what kind of shape they are in. Now, the big behemoth, you know, the company that is too big to fail, General Motors is acting like the end of the world is near.
Ford says they will cut the number of dealerships and even the chairman said he would work on a $1 salary.
And now the UAW is saying that if GM does not get a loan soon, the company will go bankrupt before Christmas.
What can be done? I don't think the fault of all this is solely because the "Big Three" are unionized. That's a part of it, but not all. It all goes up to the higher management. Will they fix the companies? Probably not, but a federal loan will help, but for how long?
Ford Motor Company says they are in the best shape of the three. At least that's what they say now, yet, they still want a loan. Go figure. Chrysler, LLC also wants a loan, but they wont say what kind of shape they are in. Now, the big behemoth, you know, the company that is too big to fail, General Motors is acting like the end of the world is near.
Ford says they will cut the number of dealerships and even the chairman said he would work on a $1 salary.
And now the UAW is saying that if GM does not get a loan soon, the company will go bankrupt before Christmas.
What can be done? I don't think the fault of all this is solely because the "Big Three" are unionized. That's a part of it, but not all. It all goes up to the higher management. Will they fix the companies? Probably not, but a federal loan will help, but for how long?
Thursday, October 2, 2008
Subscribe to:
Posts (Atom)
