ForexGen Press Releases

U.S. auto sales may reach a 2009 high in July after the government’s $1 billion “cash-for- clunkers” incentives program lured shoppers back to showrooms.
Industrywide deliveries will run at a seasonally adjusted annual rate of 10.1 million cars and light trucks, based on 7 analysts surveyed by Bloomberg. Sales will fall 24 percent at General Motors [...]

General Motors Corp., which is preparing to sell its best assets to a streamlined new entity, will carry with it liabilities of $48.4 billion, a bankruptcy judge said.
The new GM agreed to take on those obligations to benefit creditors, U.S. Bankruptcy Judge Robert Gerber in New York said July 7. They will be offset by [...]

General Motors Corp. executives are scheduled to meet with German officials in Berlin today to discuss competing offers for its Opel unit as the U.S. automaker closes in on a deal, three people familiar with the matter said.
The talks will focus on progress on a stake sale to Magna International Inc., the German government’s preferred [...]

General Motors Corp. won approval to sell most of its assets to a U.S. Treasury-funded buyer, cementing the Obama administration’s efforts to remake the auto industry and leaving restructuring professionals with several years of work to liquidate the leftovers.
U.S. Bankruptcy Judge Robert Gerber in New York issued his ruling yesterday saying the proposed sale was [...]

General Motors Corp.’s battle with creditors over its reorganization neared an end yesterday, leaving it up to a bankruptcy judge to decide the fate of a plan to create a streamlined carmaker by selling its best assets to a group led by the U.S. Treasury.
U.S. Bankruptcy Judge Robert Gerber in New York ended a hearing [...]

As General Motors Corp. prepares to sell its best assets to a streamlined new entity, the worst of what it owns will be auctioned off in bankruptcy court, including contaminated factory sites, parking lots in Flint, Michigan, and a nine-hole golf course in New Jersey.
One property the carmaker is ditching is a foundry in Massena, [...]

General Motors Corp. is poised to follow rival Chrysler LLC’s path and win approval to sell most of its assets at a hearing set to start today, putting President Barack Obama’s administration almost a month ahead of schedule in its plan to reshape the U.S. auto industry.
GM, based in Detroit, will ask U.S. Bankruptcy Judge [...]

A group of individual General Motors Corp. bondholders failed to persuade a judge to let them have their own official committee in the automaker’s bankruptcy case.
The dissident group, which doesn’t include institutional bondholders, won’t have their legal fees paid from GM’s bankrupt estate as a result of yesterday’s denial of their request by U.S. Bankruptcy [...]

General Motors Corp.’s European Opel unit, rescued by German state aid last month, may have to slash prices by 40 percent to sell enough cars and fulfill a pledge to save jobs in the country.
“The market will be a combination of struggling brands and cheap cars,” if Opel gets restructured as planned, said Simon Empson, [...]

General Motors Corp. agreed to sell its insolvent Saab Automobile AB unit to Koenigsegg Automotive AB, a Swedish maker of luxury sports cars, ending a 19-year engagement.
The sale is linked to a $600 million loan by the European Investment Bank that’s backed by the Swedish government, General Motors spokesman Chris Preuss said by telephone today. [...]