GM and Chrysler, the extremely painful shots
Date of February 17 bitumen is indeed well and that after that we have seen manufacturers-General Motors and Chrysler submit their plans for each stimulus axes to a Desired profitability by at most two or three years .
Waltz billions continues
Thus, after having received from the legislators some 17.4 billion dollars, 13.4 billion respectively in GM and Chrysler has 4,000,000,000, here that they claim it more. Despite these huge sums already granted to 'small2' american-General Motors estimates that still need monetary aid could reach a whopping 22.5 billion. Amounts, depending on the evolution of the current economic crisis, should ideally be repaid over a period of five years beginning in 2012.
For its part, Chrysler also request an additional financial assistance from the Obama administration, this time estimated at 5 billion. And it was like GM, have both refuse at least for the moment, to place themselves under the law of 'bankruptcy', since this hypothesis and although it still hangs over their heads would have disastrous consequence for undermining everything ever public confidence in their companies, trust already very banged up. In the end, if all goes as planned, and it is far from certain, these two manufacturers have claimed or received within more than 30 billion U.S. Treasury.
The plan of General Motors-
Yesterday, Rick Wagoner the big boss of General Motors, introduced a stimulus plan, even survival of the most painful. Thus, GM has again dismiss 47,000 new employees, including 26,000 positions involving workers from around the world, including Canada. We will also attend other closures, five more to our neighbors, for a total of ten closures two years.
Over the next two years, the manufacturer will develop new products, primarily under the Chevrolet / Cadillac and Buick / GMC banners. This means radically that the Pontiac and Saturn brands will have to leave the automotive sector over the next two years. Regarding Hummer and Saab brands, they are always for sale and this chapter, the Swedish brand seems to create serious problems. If not, we should not find a serious buyer for these two brands, please GM could then place these last downright bankrupt ...
The Chrysler plan
From the outset, the big boss Robert Nardelli of Chrysler seemed more optimistic compared to his crestfallen he wore during his previous visit to Washington. Probably due to the fact that all its recent alliance with Italy's Fiat, allow it to proceed has both more rapid and more effective especially restructuring. But despite this, it is well aware that even should in the first instance, also enter the user drastic cuts. However, among its proposed solutions, there is a new job cuts, which will affect 3,000 workers over the years to 2009, reaching obviously indeterminate number of Canadian employees. Chrysler also provides for lowered its North American production level of 100,000 units, without having to close plants or at best slow their pace. In addition, Chrysler will count this year has evaluated new revenue U.S. $ 300 million, from the sale of assets.
Not yet named, Chrysler has put an end to the production of three models with low sales no longer justify their existence.
Despite everything, we had a right good news
The three 'big' American automobile, came to an agreement with the UAW very powerful grouping workers of the automobile. For very obvious reasons, at least for the moment, the content of these agreements remains a state secret.
And Canada in all this
In Canada, these are the three American automakers, General Motors, Ford and Chrysler asking for help. Together, their requests amounted to 6.8 billion dollars. According to the case, it is either loans or lines of credit with the Canadian government and the province of Ontario. This sum is divided as follows: a loan of about $ 2.4 billion request by General Motors, an emergency loan of $ 1.6 billion for Chrysler and a line of credit has 2 billion for Ford.
Next Friday, they will in turn submit a recovery plan for Canadian legislators to justify their gargantuan well founded requests ...
