TPT March 2009

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From the AmericaS
91 March 2009 ›
Tungsten carbide
insert for outside
tube scarfing
HSS-DMo5 saw blades
& friction circular
saw blades
CON.T.R.A.S.T.
Impeder core for
high frequency
welding of tubes
Fiberglass pipes
for impeder
core
CON.T.R.A.S.T.
30026 PORTOGRUARO - Italy - Via Umbria, 15
Tel. ++39.0421.271699 Fax ++39.0421.770571
in Seattle, Washington, pointed out the likely exorbitant price of
getting dealerships to close. When GM announced in 2000 that it
would give up its Oldsmobile brand, it took four years and $1 billion
to shutter 2,800 dealerships: largely, noted Ms Merx, “because so
many dealerships sued to protect their contracts”.
Elsewhere at GM . . .
› Also from the Detroit Free Press (10 January), the Brazilian chief
of General Motors has said that the company’s Latin American
units have no need of government aid and would not be availing
themselves of any loans that the parent company receives from
Washington. Jaime Ardila, president of GM of Brazil, said 9 January
in a Bloomberg News television interview, “The loans from the US
government are to resolve problems that GM has in the US – not to
help Brazil operations, which don’t need help.”
› General Motors Corp has filed a lawsuit against a bankrupt
automotive supplier for immediate access to specialized parts
and equipment, arguing that a delay would hamper the introduction
of its new Chevrolet Camaro, disrupt assembly operations, and
cause millions of dollars in damages. The 24 December filing,
with the United States Bankruptcy Court in Delaware, said
Cadence Innovation (Troy, Michigan) was ‘holding hostage’ parts
and equipment needed by GM, and breaching the terms of a
signed agreement between the two companies. A bankruptcy
filing by Cadence in August became a liquidation proceeding in
December.
Two of Detroit’s ‘big three’ have already won
important help from Washington, conditioned
on creditworthiness
General Motors was close to running out of cash enough to stay
in business before federal loans – in the vernacular, the ‘bailout’ –
were approved by then-President George W Bush in December. In
mid-January, just a week before Mr Bush left office, the company
was striving to complete reorganization plans tied to the loans.
With GM’s $13.4 billion federal aid package sufficient to keep the
company solvent only until the end of March, at the New Year the
automaker was revolving its latest plan for cutting labour costs,
restructuring debt, and reducing its complement of dealers and
brands. In Detroit on 12 January, at the 2009 North American
International Auto Show, GM chairman Rick Wagoner told reporters,
“Those are the major pieces and they all have to add up to a
business plan that meets the so-called financial viability test.”
Along with Chrysler, which received a $4 billion loan, GM was
required to submit its overhaul plans to the government by 17
February. By then, Mr Obama was expected to have appointed a
‘car czar’ to evaluate their plans. The companies would then have
until 31 March to show progress in executing the plans, or risk
having the loans recalled.
Mr Wagoner said at the auto show that GM had yet to decide
whether it would seek further help after that. “By 31 March, we’ll be
able to address whether additional funding may be forthcoming or
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