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Report: GM Won't Offer Many Details to Feds Today (Visit this link)
G. Chambers Williams III from the Tennessean: General Motors and Chrysler plan to give the federal government more details of their turnaround efforts today in Washington, D.C., under terms of the bridge loans they received in December, but preliminary reports indicate that their most hard-hitting proposals might have to wait another six weeks. The two automakers are required to submit final plans by March 31 to justify keeping the $13.4 billion they have already received from the government, and to get the rest of the $17.4 billion promised by the Bush administration in mid-December. While the two companies are widely expected to cut brands, products, dealers and even more factories in their massive restructuring efforts, GM said Monday that it would not be ready to announce today what specific brands or models might be eliminated. "It looks like what GM will be saying is that it is working with its stakeholders to restructure its debt, and with the (United Auto Workers) to try to get labor costs in line, said George Peterson, president of the California-based consulting firm AutoPacific. Peterson said that the company also would probably introduce nine new vehicles and drop some brands and models. "The GM presentation also will paint a dramatic gloom-and-doom scenario on unemployment should the company ultimately fail," Peterson said.
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