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David Shepardson from the Detroit News: Treasury Department officials are weighing the condition of the nation's banks before they loan money to General Motors and Chrysler, possibly by Friday. Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates any money from the $700 billion Troubled Asset Relief Program, or TARP. GM and Chrysler are seeking up to $15 billion in emergency aid to ...

David Shepardson from the Detroit News: The White House late Sunday evening set in motion another chapter in General Motors' 100-year history when it confirmed that the Detroit automaker would file for bankruptcy Monday morning. The company, which has weathered war, intense competition and the ups and downs of the market, couldn't stay afloat without help from the government and in turn will restructure its mounting debts in federal bankruptcy court. The filing, forced by the Obama administratio...

The China Automotive Review by way of Gasgoo.com reports that General Motors "is in talks with its Chinese partner SAIC (Shangai Automotive Industry Corporation)" to acquire the company's Saturn and Hummer. The website says that "The falling American auto giant intends to sell Saturn and Hummer brands together." Talks with SAIC, however, have been suspended while GM waits for a government loan package. "An email letter has told Saturn dealers that interested buyers were keen on the GM brands," ...

Leftlane News: When the CEOs of the Big Three appeared before Congress late last year, one of the biggest concerns voiced about the Detroit bailout was the possible scenario of a slippery slope. While the automakers were seeking somewhere in the neighborhood of $25 billion, many analysts warned the final number could be closer to $125B. However, so-called experts aren’t always correct, and it looks as though the White House’s $17.4B allotment will be enough to see General Motors and Chrysler...

David Thomas from Cars.com: Current owners' warranties are still fully backed by GM and will be serviced by other GM brand dealerships — Chevrolet, Cadillac, GMC and Buick. As of September 1, Saturn's total inventory was 14,700 units, according to Automotive News data. Saturn representatives say there is an inventory of 12,000 vehicles on dealer lots and in transit. The company sold 1,303 vehicles in September, which by our math leaves about 10,700 - 13,400 Saturns out in the wild. Saturn says...

David Thomas from Cars.com Kicking Tires: If you think domestic automakers are only hitting up U.S. taxpayers for help, go north of the border. Canada's National Post newspaper reported today that GM is asking the Canadian government for $2.4 billion in aid. In exchange, it promises to bring a new Buick model — the Regal, which is already sold in China — to its Ontario plant for North American distribution.

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, an...

Robert Snell from the The Detroit News: Japanese automaker Mitsubishi Motors is in talks to supply vehicles to Saturn dealers if the brand and dealer network is sold this year, according to sources familiar with negotiations. A deal would give Mitsubishi a stronger presence and help it boost production in the U.S. by tapping into a network of about 380 Saturn dealerships, which need new vehicles once Saturn stops production. Saturn has narrowed the list of potential bidders from about 12 to "two...

Chrissie Thompson and Jamie Lareau from Automotive News: Tobin Oberhoulser, sales manager at a Saturn store in Lafayette, Indiana, says he will conduct business as usual while he holds out hope that Penske Automotive Group Inc. and CEO Roger Penske will still complete the deal somehow. "I stay confident in Roger Penske," he said. "He's a guy that's got unlimited resources, and I have a feeling that once everything settles down, since we've pushed it back so far anyway, I think it will end up bei...

Tim Higgins from the Detroit Free Press: Detroit businessman and booster Roger Penske is on track to close a deal to buy General Motors' Saturn division on Wednesday, the Free Press learned today. The official announcement could come Thursday. Several signs point to a final deal soon: Jill Lajdziak, Saturn's general manager, has asked for an early retirement package from GM, an indication that she is leaving, a person familiar with her decision said. Saturn dealers have been asked to sign new fr...

Jamie LaReau from Automotive News: GM has hired Steve Girsky, formerly senior auto analyst for Morgan Stanley, to help advise on any possible Saturn deals. Saturn spokesman Steve Janisse said, "There is interest from investors in doing a spinoff, and there are other entities interested in just buying it." He said he does not know whether the interested parties are other automakers. In a March 3 letter to Saturn dealers, Saturn General Manager Jill Lajdziak said GM hired Girsky to help the team s...

Robert Snell from the Detroit News: A group of investors and dealers emerged Wednesday as bidders for General Motors' struggling Saturn brand, which is slated to be eliminated as part of the automaker's restructuring unless a buyer is found. The group, Telesto Ventures, which includes Oklahoma City-based private equity firm Black Oak Partners LLC and several Saturn dealers, submitted a proposal last week to acquire the assets of Saturn Distribution Corp. GM said there are multiple suitors for th...

The headline of an article in the Los Angeles Times two days ago read like many other articles published in newspapers and blogs all over the Web this week: "GM may pull plug on Saturn." But if you read the whole story written by Ken Bensinger, the article painted a much more optimistic picture for Saturn - one that's been overshadowed by the drama on Capital Hill and the countless reports that speculate Saturn's days are numbered. In reality, the sale or closure of Saturn is a last resort, one...

A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three. Senate Majority Leader Harry Reid of Nevada suggested the $14 billion wouldn't be revisited until January. "It's over with," he said. The talks, which appeared close to a deal several times, broke off due to a sharp partisan dispute over the wages paid to workers at the manufacturing giants. General Motors and Chrysler, which ha...

Ron Fonger from the Flint Journal: Mega auto dealer Joe Serra confirmed he is talking with automotive entrepreneur Roger Penske about saving Saturn, but isn't sure where those talks will lead. "I've got a lot of respect and admiration for the Saturn brand, the retailers, the network and obviously Mr. Penske," Serra said Wednesday. "There's no formal agreement (between us). I'm just trying to preserve this brand." Serra's name emerged Wednesday as part of a possible new ownership group for the Sa...