Gm shutdown to start may 4th

[gjmcclain]

Our General Motors plant here in Fort Wayne Indiana just announced they are shutting down for 11 total weeks beginning May 4th.

I am sure this is a company wide schedule as well.

CLICK HERE FOR THE SOURCE OF INFO

 

[FIS53]

A news cast here stated that GM was going to shutdown 11 plants but not all at the same time. This was to do inventory adjustment (clear out non selling vehicles).

Of greater interest was the mention that Chrysler may go into bankruptcy as soon as next week. Also mentioned was a possible deal between the govt and the UAW to protect the pensions and the pensioners benefits.

I got my hand out but no govt money being put into it or towards a guaranteed retirement income.
Rob

 

[greg334]

The chrysler thing is to bakc the government into the corner, it is a private company and it is being dictated to by the administration.

Screw the UAW, they deserve everything they get at this point because the government has forced this to happen thanks to the auto workers asking for the help in the first place to save their jobs.

The problem that no one seems to get is the Obama adminstration is forcing all of this too fast, they think that a turn around can happen within months but not one of them know what is really going on, they are just making money off the tax payers as members of the auto mototive task force.

The obama administration tends to forget one important point, co-operating agreements like Fiat/chrysler do not happen overnight, it takes a lot of work on both ends and has to jump through hoops like the FTC and the justice department, not to mention the state department has to chime in. Unless the congress gets involved to fast tracking the deal, it will fail and the people in charge of Ceribus knew this right from the start.

The word of the day is SAD

 

[OntarioVanMan]

Big CAW cuts certain, but no deal yet

Tony Van Alphen

Business Reporter

Negotiators for Chrysler and its union are still working on a deal for concessions today that could help keep the company alive and protect workers' pensions and retiree health benefits if it slips into bankruptcy court protection in Canada.

Sources confirmed last night that the Canadian Auto Workers and Chrysler had cut labour costs significantly, so the company can compete with Honda and Toyota in Canada and qualify for about $2.9 billion in government loans.

Furthermore, the sources noted the union had received assurances that workers' pensions and retiree health-care benefits would be saved if the company gains protection from creditors under the federal Companies' Creditors Arrangement Act.

"But we're hoping that's not the case," CAW president Ken Lewenza said about a possible CCAA filing.

The assurances came as the U.S. Treasury Department prepared a Chapter 11 bankruptcy filing for Chrysler LLC that could come as early as next week.

The New York Times reported yesterday that the Treasury Department has an agreement in principle with the United Auto Workers union, whose members' pensions and retiree health-care benefits would be protected as a condition of the bankruptcy filing.

Moreover, Fiat SpA would complete its merger with Chrysler while the company is under bankruptcy protection in both countries, according to the newspaper. A merger is a condition for government aid in either country.

 

[greg334]

When a company in Canada goes into bankruptcy, do they have the option to void the contracts like they do here in the states?

The best move for Chrysler will be a form of bankruptcy protection which means that they can force the nullification of the UAW contracts.

 

[OntarioVanMan]

When a company in Canada goes into bankruptcy, do they have the option to void the contracts like they do here in the states?

The best move for Chrysler will be a form of bankruptcy protection which means that they can force the nullification of the UAW contracts.

nope..they (unions)have succession rights.....

 

[chefdennis]

Greg wrote:

The best move for Chrysler will be a form of bankruptcy protection which means that they can force the nullification of the UAW contracts.

I TOTALLY agree, fike BK, and dump the UNION Contracts lock stock and barrel, then OFFER to redo them, but make no promises....

But that wukk not happen, 1st barry will fight it so he can "show" he is "helping" the union workers"..2nd, the nullifacation of any labor, health care, pension, investment, contract is not automatic in a BK filing, it is up the the BK judge...that is why the US now wants "common stock" in exchange for their invetment, they will then hold boards and they are figuring based in what they see from the "bondholders, the "preferred stock" will be worthless and they will only get a return if the company is freced to liquidate.....