The News Review:
- GM hopes to sell auto advisers on its vision
- GM Auditors Raise Doubt n Auto Maker’s Viability
- A clash over auto emission standards
- CRRECTS:Ford CE: Restructuring Participation Up To Bondholders
GM hopes to sell auto advisers on its vision
Detroit Free Press
White House spokesman Robert Gibbs told reporters that “the team is looking through those plans and figuring out how to be the best partner in what’s next for the auto industry. “Whether the auto industry as we have it now is exactly what we have in a year is something I think is going to be determined by a lot of different factors” Gibbs said. Task force advisers Steven Rattner and Ron Bloom are expected to meet with officials at GM and Chrysler on Monday and GM will give them an up-close view of the Chevrolet Volt plug-in hybrid. GM and Chrysler have said they need $7 billion before the end of the month to forestall collapse. At the same time auto parts suppliers have pressed for additional help to head off a wave of expected bankruptcies from sharply lower U.
GM Auditors Raise Doubt n Auto Maker’s Viability
CNNMoney.com
‘s (GM) auditors cast doubt Thursday on the Detroit automaker’s ability to survive without more U. government loans in a forebodingassessment of the company’s financial plight. GM’s continuing losses negative net worth and an inability to generate cashfor continued operations led the auditors to determine there was substantialdoubt that the company can survive. GM warned last week it may not be able toable meet its auditors’ “going concern” requirements.
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A clash over auto emission standards
Los Angeles Times
By Jim Tankersley and Ken Bensinger March 6 2009Reporting from Los Angeles and Arlington Va. — California officials told the Environmental Protection Agency on Thursday that major automakers are already on track to meet the state’s strict proposed limits on greenhouse gas emissions from vehicles. But they clashed again with auto industry supporters at a daylong hearing over whether the EPA should grant California’s request to allow it and 13 other states to set their own emission standards.
CRRECTS:Ford CE: Restructuring Participation Up To Bondholders
CNNMoney.com
” Mulally’s comments come one day after Ford announced it will seek to retire upto $10. 4 billion in debt or 40% of the car maker’s total as it moves tofurther cut costs. The auto maker plans to use a combination of stock and cashlargely from its financing arm to pay investors who turn in their debt. TotalFord debt stood at $25. 8 billion at the end of 2008. “We are advising bondholders to hold out” said KDP Investments AdvisorsInc.