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In negotiations with Chrysler and GM (GM), management has made sacrifices. Salaries have been cut or capped. Rick Wagoner lost his job. The UAW has made huge concessions on pay and the funding of ...
On May 27, 2009, the U.S. Treasury advanced a secured loan of US$360.6 million to GM, and GM issued a note to the Treasury for US$360.6 million, plus $24.1 million USD as additional compensation for the warranty advance, pursuant to the terms of the Warranty Agreement dated December 31, 2008, between GM and the U.S. Treasury. The loan funded a ...
On December 19, 2008, Fitch Ratings downgraded the Issuer Default Rating of General Motors and Chrysler to "C", indicating "default is imminent". [101] A December 22, 2008, article from Bloomberg reported that General Motors and Ford "had their debt cut further below investment status by Standard & Poor's and Moody's Investors Service.
4. We have no thoughts of [bankruptcy] whatsoever.-- Rick Wagoner, former CEO of General Motors The blind optimism displayed by Rick Wagoner during a July 2008 business organization meeting in ...
On June 3, 2008, GM Chairman Rick Wagoner announced that the Moraine plant would close in December, citing high fuel prices and decreased demand for the SUV and trucks produced by the plant. There were no plans to reconfigure the plant to produce other products. [ 1 ]
Rick Wagoner, the man who helped run General Motors to the ground, will retire August 1 with a pension and benefit package the automaker valued at $8.2 million. Wagoner, who was in charge of the ...
Why did General Motors (GM) fail? The first reason is bad financial policies. As I posted, for too many years GM used cheap cars as razors to sell consumers a monthly package of razor blades -- in ...
Combined with an ongoing employee buy-out program, layoffs totaled around 750 jobs in July 2008. [11] During GM's annual shareholder meeting on June 3, 2008, CEO Rick Wagoner announced that the Janesville assembly plant would close by 2010, along with three other GM factories, and could close sooner if the market dictated. [12]