Good News, Bad News: A Historic Day for the Domestic Auto Industry

Automotive Traveler

While all eyes this morning were on GM’s bankruptcy filing (the bad news), late Sunday evening Judge Arthur Gonzalez quickly approved the sale of Chrysler’s good assets to Fiat, paving the way for Chrysler’s speedy exit from Chapter 11 and to move forward with the closing expected by June 15th, possibly sooner.

This was followed this morning by GM’s bankruptcy filing and President Obama’s address to the nation where he mentioned the speed at which Chrysler’s bankruptcy was processed. More details and analysis, including the list of GM plant closing and the grand total of the expected buyout to now be as much as $50.5 billion can be found at Automotive Traveler.

Permalink:

Posted at 11:24 am in Automotive Traveler, bankruptcy, Chapter 11, Chrysler, Fritz Henderson, GM, President Obama, rich truesdell

Comments

palefacetsw
Jun 9, 2009 at 11:41 am

Well then, I want my 1/24th scale replica……..I’m waiting…….

crazy4escort
Jun 4, 2009 at 11:42 am

You all screwed up

chevyman327nova
Jun 2, 2009 at 10:02 pm

well it all goes down hill from here! and does this mean no dodge at all?

NobiZero
Jun 2, 2009 at 10:25 am

Touche GTwildfire.

GTwildfire
Jun 2, 2009 at 7:32 am

I think if the numbers were crunched, each of our stakes in GM would entitle us to something closer to a 1/24th scale Camaro replica.

pttransamdriver
Jun 2, 2009 at 6:07 am

I second that motion!

simon_r_gris
Jun 1, 2009 at 4:51 pm

Agrees with NobiZero

NobiZero
Jun 1, 2009 at 2:19 pm

So, if the tax payer is the majority shareholder in GM now, WHERE IS MY COMPANY CAR CAMARO!?