Let Them fold

[chefdennis]

Not a single U.A. Taxpayer Dollar should go to GM of Canada to begin with, but especially after this...

Oh, it might be a "lie", it might be a "hoak", or it might be "true", i didn't bother to check it out..

GM refuses Canada's billions in auto loans...

Can you believe these jerks! They are waiting to see what the States offers them! I'd cut them off from both sides! That is gull!

Automaker's move 'shocks' analyst

By Andrew Mayeda, Canwest News ServiceJanuary 24, 2009

General Motors of Canada has turned down an offer by the federal and Ontario governments of emergency short-term aid, a move that has stunned some analysts and left negotiations on a highly touted auto bailout in limbo.

"For reasons that are their own, General Motors has decided not to call upon our short-term aid," Prime Minister Stephen Harper said yesterday in an interview, to be broadcast today on Global TV's Focus Ontario. "That's actually good news, but we're talking to them about longer-term restructuring."

Mr. Harper and Ontario Premier Dalton McGuinty announced with much fanfare on Dec. 20 that their governments would extend a combined $4 billion in emergency loans to GM Canada and Chrysler Canada.

At the time, the prime minister said the loans were being offered to avoid a "catastrophic short-term collapse" of the auto industry in Canada and the United States.

The Canadian plan was supposed to be proportional to an American loan package of $17.4 billion U.S., announced the day before. GM Canada was to receive up to $3 billion of the Canadian loans, while Chrysler Canada was to get up to $1 billion.

But yesterday, GM Canada spokesman Stew Low confirmed that the company will not be drawing on the Canadian loans for now.

Auto industry analyst Dennis DesRosiers said it was "shocking" that GM has refused the emergency loans, considering the importance given to saving the auto industry before the bailout was announced.

GM's withdrawal from the Canadian aid program now puts the company's production facilities at greater risk, he said.

"The survival of GM depends on the U.S. bailout. Canada was participating in order to protect Canadian assets, so if they don't get involved with the Canadian government, then, obviously, Canadian assets are more exposed," said Mr. DesRosiers.

© Copyright (c) The Ottawa Citizen (not a blog )
http://www.ottawacitizen.com/news/re...493/story.html

 

[OntarioVanMan]

Thats good for GM Canada......They don't need the hand out and no government interference...if GM Canada isn't as bad off as USA GM why take the money...

They are 2 separate companies!! They are NOT playing or fishing for US dollars.....

This statement is completely off the wall.....uniformed knee jerk reaction to something they know nothing about.....

GM Canada should instead be applauded for refusing the funds!!

Can you believe these jerks! They are waiting to see what the States offers them! I'd cut them off from both sides! That is gull!

 

[chefdennis]

I totally agree they are to be applauded for not taking the gov handout, my title sould have been "let them fold on their own", thats the way the system is to work. As for the statement of use U.S. tax dollars, it has been rumored that there is US bailout money going there, But in no instance is that ok with me, I don't even agree with the U.S. taxpayers bailing them out here... Let them fold and come back in whatever form they can....BK is not a big a issue some make it out to be for these industries, and there is talk the even while taking the bailout, GM is STILL researching BK, so why fund them until the file???

 

[OntarioVanMan]

I am hoping the Canadian GM has managed to plug any holes to keep the umbrella GM Corporation from syphoning any funds to help the US divisions.....The Canadian GM operations and that of Chyrsler isn't in as bad shape as the U.S counterparts....for some quirky reason unbeknownst to us brainiacs they produce the top sellers up there....

 

[OntarioVanMan]

To further my point about Can. Auto plants aren't as in bad shape as down here....

No Canadian GM job cuts planned

General Motors will idle a production line that makes Impala sedans in Oshawa, Ont., for an extra week as part of a continued effort to align production with slumping market demand.

GM says it will cut 2,000 jobs at plants in Lansing, Mich., and Lordstown, Ohio, and it will halt production for several weeks at nine North American plants over the next six months due to slow sales.

No Canadian jobs will be lost, but the additional down week on the Impala line in Oshawa follows a lengthy holiday shutdown and an announcement that GM will temporarily lay off the third shift at the car plant starting Feb. 9, affecting about 700 workers.

GM Canada spokeswoman Patty Faith says the Impala line will be idled for the week of March 30. The plant is currently down for an extended holiday break but production will resume on Feb. 9 for seven weeks before being idled again.

General Motors says it will eliminate the second shift at its Delta Township plant near Lansing, Mich., on March 30, and the second shift at its Lordstown, Ohio, factory will end April 6.

About 1,200 workers will be laid off at the Michigan plant, while 800 jobs will be cut in Ohio.

The Lordstown plant stamps parts for and assembles the Chevrolet Cobalt and Pontiac G5, two of the company's most fuel-efficient vehicles.

The Delta Township plant near Lansing makes three crossover vehicles: the Buick Enclave, GMC Acadia and Saturn Outlook.