Once the world's largest and most powerful automaker, new GM is now cleansed of massive debt but faces a daunting task as car sales are in the worst slump in 25 years.
General Motors completed a major step in its turnaround and closed the sale of its good assets to a new, government-backed carmaker, at a speed unimagined by auto and bankruptcy experts.
Lenny Dykstra sat down with CNBC at his $24 million hilltop estate behind the gates of Sherwood Country Club.
The path is now clear for General Motors to leave bankruptcy protection in record time as a leaner company that is better equipped to compete in a brutal global auto market.
I am at Lenny Dykstra's $24 million mansion in Sherwood Country Club, where I snapped some photos. Dykstra is here and preparing to be interviewed by me about his Chapter 11 bankruptcy filing this week, which stopped a planned foreclosure of his estate.
The sale of most of General Motors' assets is moving closer to completion, after a bankruptcy judge denied motions by groups with asbestos and injury-related claims seeking to halt the sale and appeal directly to the 2nd Circuit Court of Appeals.
In fewer than 45 days each, General Motors and Chrysler swept through government-sponsored sales in bankruptcy court — quick tours that most people in the legal community thought impossible not long ago.
A bankruptcy judge has ruled that General Motors can sell the bulk of its assets to a new company, but it appears the ruling will be appealed by a Chicago law firm.
If all goes as planned and GM comes out of bankruptcy Thursday afternoon the country's largest auto maker will have gone in and out of Chapter 11 in 40 days.
A federal judge late on Sunday approved a plan by General Motors to sell its best assets to a new, government-backed company, a crucial step for the automaker to restructure and complete its trip through bankruptcy court.
Health insurance is supposed to offer protection — both medically and financially. But as it turns out, an estimated three-quarters of people who are pushed into personal bankruptcy by medical problems actually had insurance when they got sick or were injured.
What Iceland has to do to save itself.
It may not emerge from bankruptcy as quick as Chrysler, but GM is entering the stretch run, and can see the finish line. Tomorrow, the country's largest auto maker will be back in bankruptcy court to finalize plans to sell the "good assets" to a new GM that will emerge from bankruptcy with a clean balance sheet.
It looks like we’ll have another bankruptcy of a former LBO in the hospitality space. The WSJ is reporting that Red Roof Inns has defaulted on $332 million of mortgage debt.
Savvy consumers swarmed to London's Regent Park Thursday for the opening of Taste of London's four-day gourmet food festival. The event was teaming with cost-conscious foodies getting a chance to taste the wares of Michelin-starred chefs for a fraction of the price.
Although GM and Chrysler’s bankruptcy may be playing into Ford Motor’s strong June numbers, "it’s really our products that are getting the best reviews they’ve ever gotten," said William Ford, executive chairman of Ford Motor in a live interview on CNBC.
Auto dealers accustomed to negotiating sales on their car lots clustered in the Capitol instead this week, looking to their trusty, neighborhood lawmakers to do some hard bargaining for them.
The economic crisis has been so severe that Michigan, with a $1.4 billion budget shortfall, is closing eight prisons to save money. It is also canceling more than 130 road and bridge repair projects because the state cannot come up with enough money to get matching federal funds.
Chrysler headed back to bankruptcy court Tuesday to get a judge to approve the termination of 789 dealer franchises, while Chrysler's plan to become a stronger automaker partnered with Italy's Fiat awaits action by the nation's highest court.
A U.S. appeals court said Friday it would conditionally approve Chrysler's sale to Fiat but is keeping the deal on hold until Monday to allow an appeal.