GM’s debt-for-stock offer to its bondholders expires tonight. The company needs 90% of the bondholders to agree but has a fraction of that, notes CNN, which almost assures a bankruptcy filing in the coming days. We say “almost” because it’s possible the Treasury Department will extend talks with bondholders until June 1st, when GM’s other deadlines hit.
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Jon Stewart to Automakers: "BE A F@#KING PERSON!"
By 5.21.09
In case you don’t watch “The Daily Show With Jon Stewart” as obsessively as I do, here’s a segment from earlier this week that is relevant to Consumerist readers’ interests. In it, they provide an overview of news coverage of the closing of GM and Chrysler dealerships, and implore the companies to “be a f@#king person!”
Chrysler/GM Car Glut: Savings Opp Or Nightmare?
By 5.21.09
To add insult to injury, Chrysler and GM will NOT be buying back vehicle inventory from dealerships that recently received closing notices. Maybe we have two new candidates for Worst Company in America next year! On the other hand, maybe this is good news for consumers. Large inventories + need for quick cash = SALE!
By 5.20.09
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Sorry, Canada. GM is shutting down 42% of their dealerships north of the border. [Bloomberg]
GM To Close Up To 1200 Dealers
By 5.15.09
The automotive bloodbath continues today as GM plans to eliminate up to 1,200 dealerships. The dealers could start getting notification as soon as Friday.
GM: Bankruptcy Is "Probable"
By 5.11.09
The New York Times DealBlog liveblogged the GM conference call. We’re glad they did, because just reading their recap is depressing enough for us.
By 5.7.09
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Hey, GM just lost $6 B and barely has enough cash to operate. [CNN]
Worst Company In America: Comcast VS GM
By 4.27.09
Now here is a match-up! One company is trying to avoid bankruptcy in a tough recession, the other struggles with customer service. Which one makes your blood boil?
GM To Eliminate Pontiac, Give Government 50% Stake
By 4.27.09
GM released a new plan to avoid bankruptcy today, and the cuts are deep. The U.S. Treasury would own at least 50% of the company and the failing Pontiac brand would be completely eliminated.
General Motors Defaults, Idles Plants
By 4.22.09
General Motors is projected to default on its next bond payment—the last before the June 1st government-imposed restructuring deadline. Next freeway exit: bankruptcy.
General Motors' Greatest Innovation? Not Cars, Credit
By 4.20.09
Sorry to disappoint all of you who think that the two-person Segway is the most innovative thing GM has produced in its long history — it seems that the company’s most important new idea was consumer credit. More specifically, convincing a nation of thrifty debt-averse tightwads that taking on debt was socially acceptable. Yes, it’s true. We weren’t always a bunch of debt junkies.
Worst Company In America: GM VS Chase
By 4.16.09
The Chase/WaMu banking monster? Or a soon-to-maybe-be-bankrupt-and-or-bailed-out car company?
PUMA: So That's What GM Did With Our Bailout Money!
By 4.15.09
How would you like to ride down Second Avenue in this? And where would you park it once you got to work? The P.U.M.A. (Personal Urban Mobility and Accessibility Project), recently unveiled by General Motors and Segway, can go 35 miles on one battery charge, seats two, and reaches speeds of 35mph. Whee!
Hyundai Vs Ford Vs GM: Who's Got The Best Car Payment Protection Plan?
By 4.6.09
Now that a bunch of people have a finger in the “If you lose your job, we’ll help you out with payments” punch bowl, which is the best deal? Hyundai, Ford or GM? Jalopnik broke it down and says the original is the best, giving the award to Hyundai Assurance Plus. “Hyundai is the only one offering negative equity coverage with real teeth and payment assistance,” they wrote. Caveats apply depending on your situation. and, “in the end, if you are fairly certain you’re going to be losing your job soon you shouldn’t buy a new car.”
Worst Company In America: United Airlines VS GM
By 4.2.09
A fee riddled airline with expensive snacks? Or a quickly unraveling, government-supported car company? You make the call.
Lose Your Job? Ford Makes Your Payments For A Year
By 3.31.09
Not to be outdone by Hyundai, if you buy a Ford and lose your job, the car-maker announced they’ll make your payments for up to a year, up to $700 per month. President Mark Fields released a video about the “Ford Advantage Plan” on YouTube. Take a shot every time he says “confidence.” GM is supposed to announce their own version this morning, says Kicking Tires. UPDATE: And here it is.
Obama Administration To Chrysler, GM: Sorry, You Failed.
By 3.30.09
In accordance with the March 31st deadline for evaluating the restructuring plans of the bailed out automakers, President Obama is expected to address the nation today to present his administration’s findings — and the news isn’t too sunny for the automakers.
Obama Fires GM's CEO
By 3.30.09
Feeling the need for a “clean-sheet,” the Obama administration gave GM’s CEO the pink slip today. [WP]
