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Long Days Journey to Deal for Automakers
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Tom Walsh of the Detroit Free Presss describes the cliffhanger experience of the days before the Bush decision on the bridge loan to automakers in December 2008, including the hourts after spokesman Perino's comment that an orderly bankruptcy was an option which was followed by calls by GM executive to the White House and a flurry of activity by the Michigan delegation in Congress and contacts with Secretary Paulson. But says Tom Walsh all stakeholders should heed the seriousness of the moment because he says the outgoing and incoming Presidents and Congress are all watching for progress like hawks, and want to see visible progress in weeks not just 3 months from now, on costcutting and brand alighnment and debt structure. He says all auto executives, board members, suppliers, dealers, bondholdrs and union officials are on notice that their jobs are on the line.
GM (General Motors) Restructuring in 2009.
01/24/2008
After the first government loan General Motors begins serious restructuring in February 2009 as mandated in the loan terms. The government oversight over the restructuring.
Grouped Articles
GM Shares Sharply Down as Western Europe Drags
Wall Street Journal 10/09/2008
Howes: Market drop revives talk of bankruptcy
Detroit News 10/10/2008
U.S. Auto Shares Plunge on a Grim Sales Forecast
New York Times 10/10/2008
Detroit Free Press 10/14/2008
General Motors, Driven to the Brink
New York Times 10/26/2008
How Detroit Drove Into a Ditch
Wall Street Journal 10/25/2008
Detroit News and Free press columnists Tom Walsh and Daniel Howes say its time Detroit gets things right.
12/20/2008
The jobs of suppliers, dealers, bondholders, managers, board members, union officials are all on the line say Walsh and Howes if they can't get their act together and move quickly. There just isn't the time to kick the proverbial can down the road says Howes, and their is bailout fatigue say Walsh and Howes so dates coming up February 17 for debt restructuring and March 31 must be met quickly with action that is convincing. It will be a tough act and its not clear that old management and union officials can measure up to the task ahead from what has been seen over the years according to the columnists.
Linked Articles
Commentary: Forging new path will be rough road for Detroit automakers
Detroit News 12/20/2008
Long Days Journey to Deal for Automakers
Detroit Free Press 12/21/2008
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