GM gone by the end of the month?

[bluesport]

They can't do that!......we've got a two make V8 series to run!

ABC news today reported that execs from the big three in the US automotive industry went "cap in hand" to the US congress to ask for a rescue package of 40 billion dollars. One GM exec said that they could be "gone" by the end of the month. Where would that leave Holden?

[FPRXR-6]

I'm sure the Chinese have enough money to buy Holden.

[Oldtony]

If persons in Bankruptcy in the UK are occaisionally persons not of "repute" to hold a V8SC franchise what is the status of a manufacturer in Chapter 11 administration in the USA?
Seriously can any of the legal Eagles who drive Porsches give a (free) opinion on the status of overseas subsidiaries of a corporation in Chapter 11?

[DAVID PATERSON]

Here's one to ponder.

If GM had a fire sale and sold a number of assets, e.g. Holden, could Holden be floated on the ASX and would Australian investors have the resources or desire to buy the stock and make Holden a truly Australian company?

[dazza027]

Im tipping Kevin 747 will buy it for the nation. Bet he wishes he didnt shell out that 10 billion paying the dole bludgers and single mums there 2 grand lmao.
Nope, what will probably happen is Mark Skaife will take control for $1 and all will be well for about 18 months the Uncle Tom will take over the whole damn lot.

[duke_toaster]

If Holden were to stop funding the teams, surely that wouldn't put the block on the cars being used (although there would be funding holes of course).

[bluesport]

Originally Posted by duke_toaster

If Holden were to stop funding the teams, surely that wouldn't put the block on the cars being used (although there would be funding holes of course).

Funding holes = lack of performance on the track.

[gttouring]

GM can sell Holden back to itself right?
Can't Holden beholden again to Australia ?

[Gaz170]

Originally Posted by bluesport

ABC news today reported that execs from the big three in the US automotive industry went "cap in hand" to the US congress to ask for a rescue package of 40 billion dollars. One GM exec said that they could be "gone" by the end of the month......

Yes they did, the execs flew to Washington in their corporate jets. When a senator asked if they were willing to sell the jets and fly on commercial airlines to help the companies finances, there was deathly silence.

[bluesport]

Originally Posted by Gaz170

Yes they did, the execs flew to Washington in their corporate jets. When a senator asked if they were willing to sell the jets and fly on commercial airlines to help the companies finances, there was deathly silence.

That was last week......they went back again yesterday, by vehicle this time and that's when the GM exec made the statement.

[Armco Bender]

Hyundai wins Bathurst 2009 looking more likely everyday...

[Razor]

Even better, Lada wins Bathurst next year.

[cavvy]

Originally Posted by bluesport

That was last week......they went back again yesterday, by vehicle this time and that's when the GM exec made the statement.

I read it as all 3 automakers, not just GM or Ford or Chrysler.

Green keeps being reported, not sure that suits the V8s of Nascar.

An asset sale must be on the cards including the Aus operations - Ford to Tata (India) has already been speculated as has GMH to Shanghai Motor Corp (China).

[david5]

Originally Posted by gttouring

GM can sell Holden back to itself right?
Can't Holden beholden again to Australia ?

Please dont flame me if Im wrong, but iirc the last time Holden was Aust. owned, they were making horse carts & saddles.

David

[bluesport]

Originally Posted by cavvy

I read it as all 3 automakers, not just GM or Ford or Chrysler.

Green keeps being reported, not sure that suits the V8s of Nascar.

An asset sale must be on the cards including the Aus operations - Ford to Tata (India) has already been speculated as has GMH to Shanghai Motor Corp (China).

Yes, all 3 automakers went before congress asking for 40 billion, but it was a GM exec that said they (GM) could be gone by the end of the month.

[FPV GTHO]

GM and Chrysler both are saying they'll be gone in a month, Ford still has $18B in reserves after listing all their assets for collateral on a $20B+ loan a year or so ago.

[mountainstar]

They will not be gone.

They will likely reorganize under chapter 11 bankruptcy rules as much as all the airlines did after 9/11.

The problem with GM, Ford and Chrysler in the USA is the union. The union stacks inefficiencies and bureaucracy at every level. The union makes it difficult to shift production and types of vehicles. Until they get the union out of there the same problems will persist.

Probably the best thing in the long term is for them to declare bankruptcy and reorganize.

[fomoco]

Originally Posted by mountainstar

They will not be gone.

They will likely reorganize under chapter 11 bankruptcy rules as much as all the airlines did after 9/11.

The problem with GM, Ford and Chrysler in the USA is the union. The union stacks inefficiencies and bureaucracy at every level. The union makes it difficult to shift production and types of vehicles. Until they get the union out of there the same problems will persist.

Probably the best thing in the long term is for them to declare bankruptcy and reorganize.

Agree to a point, Mountainstar, Firstly, yes Unions can be a bit of a pain. But what the rest of the world and others know is this, In the land of the free,USA, Every second man and his dog is a VICE PRESIDENT OF C$$$. Everyone knows that the excutives are over rated, over paid, and if you look back in the last twelve months or more, how many excutives in the states have been farewelled with a big $$$$$$$$$$$$$$$ pay out from companies that are now begging for hand outs. I agree that the Govt. Companies, and Unions now have to work together to drag USA out of the S&&&&. But lets not forget, it was the companies own doing to put them into this position.

If it hits the fan, as an ex General Motors Holden employee. that maybe decendants of the Holden Brothers from Adelaide could raise the capital and Buy it. No more interferance from the USA, remember the manaro !

F*** the Free Trade Agreement with USA, it's a oneway street for the Yanks to dump C#### onto Aus shores

[GTRMagic]

I think Tom Walkinshaw should buy Holden.

He seems to have an impenetrable grip on something in the management chain of that business. Restart TWR by building Commodores for the world market.

[fomoco]

Originally Posted by GTRMagic

I think Tom Walkinshaw should buy Holden.

He seems to have an impenetrable grip on something in the management chain of that business. Restart TWR by building Commodores for the world market.

you forgot the biggest smiley known to forums, but you could be right

sorry, this would never happen as according to the US unions, they are the only ones who can build cars for the world market. Hence every Holden that leaves Aust, is a Chev.

[Rob Bailey]

Auto Bail out approved in the States.Congress has approved short term loans.

[xrystl]

Originally Posted by Rob Bailey

Auto Bail out approved in the States.Congress has approved short term loans.

No where near what they were asking for and with very tough conditions , the loss of 530,000 jobs in the USA in November and many more to come is a huge wakeup call and this "recession" is just as likely to become a "depression" . Australia is starting to feel the rumble with job cuts announced and more looming - not too many people that I know have a new car on their horizon any time in the near future , give it another 6-9 months and our boating industry will be gone altogether , they can't survive with what's happening - Tourisim on the Gold Coast has taken a big hit just before Xmas with the reduction in numbers leading to job cuts at the theme parks .

[Rob Bailey]

Originally Posted by xrystl

No where near what they were asking for and with very tough conditions , the loss of 530,000 jobs in the USA in November and many more to come is a huge wakeup call and this "recession" is just as likely to become a "depression" . Australia is starting to feel the rumble with job cuts announced and more looming - not too many people that I know have a new car on their horizon any time in the near future , give it another 6-9 months and our boating industry will be gone altogether , they can't survive with what's happening - Tourisim on the Gold Coast has taken a big hit just before Xmas with the reduction in numbers leading to job cuts at the theme parks .

i watched on ABC TV on Friday night Lateline,i felt sick.Their economic reporter Steve ? reckons its only the tip of the iceberg!

[bluesport]

Originally Posted by Rob Bailey

i watched on ABC TV on Friday night Lateline,i felt sick.Their economic reporter Steve ? reckons its only the tip of the iceberg!

I expect my job to be gone by Feb-March. When the oil price spiked, the cost of our feed gas from Moomba went up 10 million dollars per month (thanks to Santos). Carbon taxes likely to imposed by Penny Wong and Kevin 747 will finish us off (they'll build a plant in Asia and emit CO2 there free of charge) and I haven't even considered the world economic crisis yet!

[NewsStalker]

The usual stalwart of jobs during periods like this, the Federal Government, is also cutting back heavily. Jobs that were forecast 8-9 months ago (advertised, interviewed for etc) are no longer available. In addition, the majority of Fed Govt jobs, when they are filled, are being filled as 'non-ongoing' positions which means they can terminate the employee with minimal notice.

Tax Office, for example, put on 450 staff Australia wide in May. Although 'non-ongoing' until Sept 30, the expectation within the ATO was for roughly 50% of these positions to continue until well into the new year with many then becoming permanent to replace normal attrition. A one month extension came about (to Oct 31) and then, Friday Oct 31 and the remaining 390 all walked out the door between 4:30 pm and 6:00 pm. In that 5 months the ATO had not replaced ANY of the permanent staff who also left and are still not doing so.

Other departments are doing very similar 'recruitments' and 'terminations' - so obviously even the govt realises something bad is happening.

(BTW if you have to ring the ATO for any reason - now you know the reason for the long delays in getting answered!)