Automakers, Workers, and Michigan Pin Hopes on White House Assistance

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Justin Hyde and Todd Spangler from the Detroit Free Press Washington Staff: The Bush administration was considering some tough conditions for unions and creditors as it began Friday to craft a multibillion-dollar rescue of GM and Chrysler from the wreckage of a $14-billion plan that crashed in Congress this week. People familiar with the planning said Treasury officials expected to work through the weekend on a rescue drawing from the $15 billion remaining in the first half of the $700-billion financial industry bailout, and had spoken with GM Chief Financial Officer Ray Young. The exact size, scope and timing of any lifeline appeared uncertain, with officials weighing many options to prevent a collapse of two automakers within weeks.

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Press Release: Black Oak Partners Investor Group Approaches GM About Acquiring Saturn

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An investor group that includes private equity firm Black Oak Partners, working together with a number of Saturn retailers, announced today that it has approached General Motors about acquiring and operating the principal assets of Saturn Distribution Corporation (SDC) as a diversified automobile distributor and retailer. SDC is the legal entity that franchises with Saturn retailers today.