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GM shifts negotiations into high gear

Post Time:May 04,2009Classify:Industry NewsView:116

General Motors Corp. is expected this week to accelerate talks with the United Auto Workers union and move toward closing about 2,600 dealerships.

The giant auto maker also is likely this month to approach banks holding secured debt, hoping to work out terms to ease the company's debt burden.

Reaching agreement on these fronts is critical if GM is to restructure outside of bankruptcy court.

The company has new leverage as it re-engages in talks, thanks to the bankruptcy filing last week by Chrysler LLC. But differences between the two auto makers mean that leverage can take GM only so far, according to a May 4 article in The Wall Street Journal.

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Source: http://www.glassmagazine.com/news-item/auto/gm-shifts-negotiations-high-gearAuthor:

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