Bailout

Latest Greek drama threatens frail auto sales recovery in Europe

12:01 am U.S. ET | July 13, 2015

A fragile recovery in Europe's auto market could be undermined by Greece's chaotic last-ditch attempt to secure a bailout before its economy implodes....
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Greek sales slide amid broader European rebound

July 7, 2015 10:35 CET

New-car sales in Greece fell 22 percent last month, the sharpest drop of any western European car market, amid political uncertainty. Registrations across the region rose 14 percent to 1.31 million as the UK, Germany, France and Spain delivered double-digit percentage gains....
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Fiat Chrysler, PSA could be at risk from Greek euro turmoil

July 6, 2015 16:52 CET

Industry watchers say a Greek exit from the euro after the country's no vote to austerity terms could impact southern European markets, along with Fiat Chrysler and PSA/Peugeot-Citroen, the automakers most exposed to those markets....
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Greek exit from euro could bring stability, German auto lobby group says

July 1, 2015 09:54 CET

Germany's auto industry lobby group, the VDA, believes a Greek exit from the eurozone may be necessary despite the setback this may bring for Europe's fragile recovery in new-car sales. Automakers are monitoring the potential effects on capital markets and exchange rates if Greece leaves the European single currency – dubbed Grexit....
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Canada to sell final 73.4 million GM shares

6:34 pm U.S. ET | April 6, 2015

Canada's federal government agreed to sell its 73.4 million shares in General Motors, ending the country's financial ties following the company's 2009 bailout. The transaction will be complete by April 10, Canada said....
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PSA's blue-chip index comeback may spur recovery

March 6, 2015 10:40 CET

PSA will return to France's benchmark CAC-40 index, stock market operator Euronext said, delivering a likely boost to the carmaker as it emerges from a prolonged European sales slump and bailout....
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Former Obama aide says $8 billion buyback will unlock GM’s value

9:05 am U.S. ET | Feb. 10, 2015

Harry Wilson, a member of President Barack Obama's auto task force that restructured GM and Chrysler, intends to nominate himself for a seat on the board of GM and propose an $8 billion stock buyback, setting off a new debate over how to manage and allocate the company's financial resources....
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Ontario sells last GM shares for $875 million

7:14 am U.S. ET | Feb. 5, 2015

Ontario’s government sold its last remaining General Motors shares acquired during the automaker’s 2009 bailout, saying it would invest the $875 million of proceeds in an infrastructure fund....
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Paperwork error on GM loan will cost JPMorgan $1.5 billion, U.S. court rules

1:24 pm U.S. ET | Jan. 21, 2015

A 2008 paperwork error in a loan agreement with General Motors, before the automaker went into Chapter 11 bankruptcy, will cost JPMorgan Chase $1.5 billion, a federal appeals court ruled today....
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GM’s Treasury bailout records shouldn’t be secret, U.S. judge told

1:00 pm U.S. ET | Jan. 21, 2015

The Treasury’s role in shielding General Motors from car lawsuits after a 2009 bailout of the automaker isn’t confidential and should be made public, the Center for Auto Safety told a federal judge....
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Obama seeks authority to negotiate major trade deals

3:31 pm U.S. ET | Jan. 20, 2015

In his penultimate State of the Union address, President Barack Obama vowed to seek congressional authority to negotiate big ticket trade deals with European and Asian nations that could have significant implications for the auto industry, but have been stalled....
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Four former Chrysler dealers could reopen under U.S. appeals court ruling

2:58 pm U.S. ET | Jan. 20, 2015

One Las Vegas dealership and three former Detroit area dealerships -- Livonia Chrysler Jeep, Fox Hills Chrysler Jeep and Village Chrysler Jeep -- could get a chance to reopen more than five years after a Chrysler Group LLC decision to close them, according to a federal appeals court ruling....
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2015 AUTOMOTIVE NEWS WORLD CONGRESS

Marchionne sees industry consolidation as a given

9:38 pm U.S. ET | Jan. 13, 2015

Fiat Chrysler Automobiles CEO Sergio Marchionne said further mergers in the automotive industry are inevitable, and questioned the way safety regulators are exercising their powers....
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Obama touts auto bailout success; Michigan worries about trade

3:51 pm U.S. ET | Jan. 7, 2015

President Barack Obama, on a trip to unveil elements of his State of the Union address, took a victory lap in Michigan on Wednesday to tout his support of the auto industry, but concerns about trade policies hung in the background of his tour....
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Ally sale leaves U.S. taxpayers with $9.3 billion loss on auto rescues

9:24 pm U.S. ET | Dec. 29, 2014

American taxpayers lost $9.3 billion on the government's bailout of auto companies following the Treasury Department's sale of its remaining stake in Ally Financial. The Treasury took in $70.4 billion from the rescue of GM, Chrysler, Ally and others after spending nearly $80 billion in taxpayer funds, data released Monday show....
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JIM HENRY

BLOG: Free of U.S. ownership, Ally expects cheaper funds, maybe more subprime deals

3:13 pm U.S. ET | Dec. 19, 2014

Ally Financial is “free at last,” to borrow a phrase CEO Michael Carpenter used earlier this year to describe how it would feel for Ally finally to put six years of government ownership behind it....
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Ally's six-year bailout ends after U.S. sells $1.28 billion stake

7:48 pm U.S. ET | Dec. 18, 2014

The Treasury disposed of its remaining $1.28 billion stake in auto lender Ally Financial, resolving the last big bailout from an emergency government program to halt the 2008 financial crisis. Ally said the government ultimately gained $2.4 billion from its investment....
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Canada helped bail out GM, Chrysler with incomplete information, auditor finds

12:19 pm U.S. ET | Nov. 25, 2014

Canada had limited information about the restructuring plans of GM and Chrysler Group when the government approved a $12.1 billion bailout for the automakers in 2009, federal auditors said....
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GM's bankruptcy judge to retire, remain on recall status

3:32 pm U.S. ET | Nov. 17, 2014

The New York bankruptcy judge overseeing part of the fallout from General Motors' problems with faulty ignition switches will retire from the bench, but remain active in so-called recall status for at least a year, his court announced....
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GM lawsuit poses danger to future bailouts, Treasury says

4:19 pm U.S. ET | Oct. 30, 2014

The Treasury Department says confidential information it received during the GM bailout should stay secret, otherwise at-risk companies needing government help in the future might not be willing to share data....
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THE GM RECALL

GM sued for $10 billion over losses on 27 million recalled cars

1:43 pm U.S. ET | Oct. 15, 2014

General Motors was hit with its biggest lawsuit so far over serial recalls, brought on behalf of drivers of 27 million vehicles seeking more than $10 billion in compensation for fallen car prices....
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U.S. Treasury to cut Ally stake

10:56 am U.S. ET | Aug. 14, 2014

The Treasury Department plans to cut its stake in Ally Financial by selling stock on the open market in its first divestiture since the company's initial public offering in April....
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