General Motors

Letter conveys concerns of Wisconsin auto dealers

6/2/09 -- WASHINGTON, DC – Today, U.S. Senator Herb Kohl sent the following letter to Chairman John Rockefeller (D-WV), and Ranking Member Kay Bailey Hutchison (R-TX) of the Senate Committee on Commerce, Science and Transportation. Kohl urges tough questioning of James Press, President of Chrysler and Fritz Henderson, CEO of GM who are scheduled to testify at the Commerce Committee hearing tomorrow discussing the GM and Chrysler dealership closures nationwide.

June 2, 2009

Dear Chairman Rockefeller and Ranking Member Hutchison:    » read more »

Industrial Machinery Company To Invest in Growth and Global Expansion of Premium Off-Road Vehicle Brand; Deal is Expected to Secure Over 3,000 US Jobs

DETROIT and SICHUAN, June 2, 2009 - Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong) and General Motors Corp. today confirmed details of their proposed transaction, pursuant to which, Tengzhong, a major industrial machinery group, will acquire the rights to the premium off-road HUMMER brand, along with a senior management and operational team.    » read more »

GM Gains Share For The Second Consecutive Month With 191,875 Deliveries in May; Highest Monthly Sales Performance So Far in 2009

June 2, 2009 -- DETROIT - General Motors dealers in the United States delivered 191,875 vehicles in May, down 29.6 percent compared with a year ago. However, when comparing GM's May sales with April, total volume was up 11 percent, or about 19,000 cars, crossovers and trucks resulting in the best monthly sales performance so far in 2009.    » read more »

General Motors Announces Preliminary Agreement To Sell HUMMER; Deal could secure more than 3,000 jobs in the United States; preserves HUMMER as global off-road brand

2009-06-02 -- DETROIT – General Motors Corp. (NYSE: GM), announced it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand. This transaction is the result of GM's strategic review of the HUMMER brand and the company’s ongoing restructuring efforts.

The sale is expected to close by the end of third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals.    » read more »

June 1, 2009 -- THE PRESIDENT: Good morning, everybody. Just over two months ago, I spoke with you in this same spot about the challenges facing our auto industry, and I laid out what needed to be done to save two of America's most storied automakers -- General Motors and Chrysler. These companies were facing a crisis decades in the making, and having relied on loans from the previous administration, were asking for more.    » read more »

June 1, 2009 -- On March 30, 2009, President Obama laid out a framework for General Motors to achieve viability that required the Company to rework its business plan, accelerate its operational restructuring and make far greater reductions in its outstanding liabilities.

After two months of significant management engagement, General Motors has developed such a plan and has already begun to make progress toward its achievement. The Company has also secured commitments of meaningful sacrifice from all of its major stakeholder groups , sacrifices sufficient for this plan to proceed forward. As a result, the President has deemed GM’s plan viable and will be making available about $30 billion of additional federal assistance to support GM’s restructuring plan.    » read more »

NEW YORK, June 1, 2009 – NYSE Regulation, Inc. (“NYSE Regulation”) announced today that it determined that the common stock of General Motors Corporation (the “Company”) – ticker symbol GM – as well as the 10 related listed securities below, should be suspended prior to the opening on June 2, 2009.

NYSE Regulation has determined that the Company is no longer suitable for listing. This decision was reached in view of the June 1, 2009 announcement of a voluntary filing by the Company and three domestic subsidiaries for relief under Chapter 11 of the U.S Bankruptcy Code with the United States Bankruptcy Court in the Southern District of New York.    » read more »

June 1, 2009 -- WASHINGTON, D.C. – U.S. Senator George V. Voinovich (R-OH), Co-Chair of the Senate Auto Caucus, today released the following statement on the General Motors bankruptcy:

“My heart goes out to the thousands of hard-working Americans associated with General Motors who are worried about their jobs and providing for their families as well as retirees worried about their retirement benefits.

"I am disappointed to hear that three Ohio facilities have been designated for closing, and I will work with my colleagues in the Senate and with the administration to ensure that auto workers and communities facing job losses receive assistance.    » read more »

June 1, 2009 -- WASHINGTON – U.S. Senator Debbie Stabenow today made the following statement regarding General Motors bankruptcy filing.

“Like families and workers across Michigan, I am disheartened by today’s news. Although bankruptcy proved unavoidable, it is important that all of the work done by management, the UAW, bondholders and the auto task force will make a quick, efficient bankruptcy possible. I am confident that GM will emerge a stronger and viable company.

“If we have learned one thing from the global economic crisis it is that in order for our economy to thrive we must build things in this country. Now is the time for America to recommit to a strong manufacturing strategy that will rebuild our middle class.”

Source: Senator Debbie Stabenow

Urges Action to Protect West Virginia Families and Dealerships

June 1, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV, Chairman of the Senate Commerce, Science and Transportation Committee, has issued the following statement in response to the Chrysler and General Motors (GM) bankruptcies and subsequent restructuring:    » read more »

June 1, 2009 -- WASHINGTON – Senator Carl Levin, D-Mich., said the following today regarding General Motors’ announcement of its bankruptcy filing:

“There is a huge amount of pain associated with today’s announcements by General Motors. There will be plant closings that will cause great hardship to the hard-working Americans who will lose their jobs and to communities in Michigan and across this country.

“Just as we have all done everything we possibly could to help GM survive, we now need to put our shoulders to the wheel for two goals: supporting in every way we can the people whose jobs are lost, in part with a greater emphasis on new energy technologies that can be developed in Michigan, and doing our utmost to help the new GM become a strong and vibrant company.    » read more »

June 1, 2009 --WASHINGTON – U.S. Senator Bob Corker (R-TN) made the following statement today:

“I’ve spent the past 24 hours on the phone with GM officials, the auto task force, Governor Bredesen, and the local mayors and economic development officials.

“I’m obviously very disappointed in the decision by GM officials and the administration to idle our Spring Hill plant but glad it’s idled for a period and not closed and certainly happy for the 600 Tennesseans that will remain employed. I’m saddened by the effect this will have on the many families who derive their incomes directly from the Spring Hill plant as well as the suppliers and vendors who depend on it.    » read more »

June 1, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) issued the following statement in response to General Motors’ bankruptcy filing today:

“This is a challenging time for Ohio auto communities and for manufacturers across the state. My thoughts are with GM workers, their families, and the thousands of other Ohio workers whose livelihoods are tied to those of GM.

“A bankruptcy filing by General Motors will test our nation’s resolve in rebuilding our manufacturing base. GM is a crucial part of our nation’s economy. As we work to help GM through bankruptcy, we must also work to rebuild a thriving domestic manufacturing industry.    » read more »

June 1st, 2009 - WASHINGTON - U.S. Senator Lamar Alexander (R-Tenn.) today made the following statement regarding General Motors’ decision to put its Spring Hill plant on standby:

“GM’s decision to put its Spring Hill plant on standby is a blow to many employees who work there and to their families, but hopefully it will only be a short-term problem. I have discussed with Governor Bredesen how I can be of as much help as possible to those affected.    » read more »

June 01, 2009 -- MADISON – Wisconsin Governor Doyle today issued the following statement regarding recent General Motors and Chrysler developments that might affect the Janesville and Kenosha plants:

“Today we are learning more about the respective bankruptcies of General Motors and Chrysler, and about the potential effects on Wisconsin, especially on the workers in Janesville with GM and in Kenosha with Chrysler. We all understand how important auto manufacturing is to the overall economy of Wisconsin, including the auto suppliers and dealerships, and the thousands of employees and their families directly affected.    » read more »