An independent trust handling GM's old bankruptcy claims reached a new settlement with customers who sued the automaker years ago over faulty ignition switches -- a deal that could force GM to give up more than $1 billion in new stock if a judge approves it.
GM's Korean unit has warned that it would file for bankruptcy if there isn't a restructuring deal by Friday, as the operation is running out of cash to pay employees and suppliers amid slumping sales. A look at how South Korea's court-managed bankruptcy protection procedures work.
VW, Ford, GM and Toyota are among a group of 13 automakers who will contribute as much as $130 million to compensate those injured by faulty Takata airbag inflators as part of a deal to resolve the supplier's bankruptcy, a U.S. plaintiffs' attorney said.
The trust set up to handle GM's bankruptcy claims acted in bad faith in reaching a $15 million class-action settlement that would have forced the company to contribute as much as $1 billion in new stock, a judge ruled in throwing out the accord.
Uber has been blamed for crushing the taxi industry, labor rules, privacy -- and now leather car seats? That's the contention of bankrupt GST AutoLeather, which makes leather and components for virtually ever major automaker.
Key Safety Systems has agreed to terms on the purchase of assets of Takata, and final documents will be signed in less than two weeks. Takata had been stricken by a recall of its faulty vehicle airbags.
General Motors accused the trust set up to handle its bankruptcy claims of secretly plotting with plaintiffs' attorneys to make it pay $1 billion in stock as part of a $15 million class-action settlement.
Takata's bankruptcy filing was meant to draw a line under the auto industry's biggest safety recall, but last week's announcement of more airbag inflator recalls suggests automakers could face fresh liabilities.