Chrysler Unlikely to Repay Government Loans
6 May 2009, 12:38 UTC · By: Bogdan Popa / An interesting story, related to the same over-discussed bankruptcy filing of Chrysler, saw daylight today, this time pointing to a subject we all think about, but only a few had the guts to tackle ...
Chrysler Gets Loan Approval, Lenders Get Death Threats
5 May 2009, 07:13 UTC · By: Daniel Patrascu / Chrysler has made an important step under bankruptcy protection as it received the court's approval to access a $4.5 billion loan to help it ease up the pressure. The good news followed yesterd...
Hyundai Goes After Denny Hecker
13 Apr 2009, 08:56 UTC · By: Daniel Patrascu / The Minnesota based car dealer Denny Hecker has been sued by Hyundai Motor Finance for a $104 million debt, following in the footsteps of American manufacturer Chrysler, who also sued Hecker for an ...
Russia's AvtoVAZ Receives 8 Billion Rubles Loan
8 Apr 2009, 18:27 UTC · By: Bogdan Popa / AvtoVAZ, one of the largest automakers in Russia, will receive up to 8 billion rubles ($239.5 million) in loans from two state-controlled lenders. Sberbank and VTB will provide 4 billion rubles each...
Porsche Gets Closer to 10 Billion Refinancing
19 Mar 2009, 09:12 UTC · By: Daniel Patrascu / German manufacturer Porsche draws ever closer to coming to an agreement with some 10 banks regarding the 10 billion euro loan refinancing deadline set for March 24, but as insiders told Reuters, it ...
Banks Want Control on Schaeffler Group
2 Mar 2009, 17:13 UTC · By: Madalina Iancu / It looks like the Schaeffler Group is really in big trouble right now. Reporting losses of up to 6 billion euros ($7.6 billion) in their balance sheet, the banks that financed the takeover of Contin...
Dealers Willing to Buy a Stake in Opel
27 Feb 2009, 11:04 UTC · By: Bogdan Popa / As sales in both domestic and overseas markets decreased massively, Opel has already applied for state funds, saying that a 3.3 billion euro loan is absolutely necessary to finance a liquidity gap t...
GM and Chrysler Plan Limited Advertising
25 Feb 2009, 14:20 UTC · By: Madalina Iancu / GM and Chrysler have already announced at the beginning of this year that they were drastically cutting their marketing budgets and that they were trying to sell cars without too much advertising. ...
Canada Unsatisfied with Chrysler's Viability Plan Details
23 Feb 2009, 16:31 UTC · By: Bogdan Popa / Even though Chrysler initially believed that sending the viability plan to the Canadian government would be enough to receive the money it needs, it is actually not as country's officials recen...
Opel Says It Needs 2.6 Billion Euros in Govt. Funds
20 Feb 2009, 16:43 UTC · By: Bogdan Popa / As part of a broader campaign to finance a 3.3 billion euro ($4.15 billion) liquidity gap through 2011, Opel today said it needs approximately 2.6 billion euros from the German government. The rema...
GM Daewoo Demands Money from the Korean Government
20 Feb 2009, 13:15 UTC · By: Bogdan Popa / GM Daewoo is again calling for financial aid from the state authorities but this time it may really get the money, according to the company's vice president Jay Cooney. According to Autonews, a...
VW Receives 2 Billion Euro Credit
19 Feb 2009, 19:01 UTC · By: Bogdan Popa / Volkswagen today received 2 billion euros (approximately $2.5 billion) of credit guarantees from the German government. The money are sourced from the German government's bank rescue fund and w...
Suppliers Require 10 Billion Euros in Loans from the EIB
16 Feb 2009, 14:13 UTC · By: Bogdan Popa / While several European car manufacturers have already received funds from their domestic governments, suppliers are still in a desperate situation and ask the European Investment Bank to provide no ...
Spain to Provide 4 Billion Euros to Struggling Automakers
13 Feb 2009, 17:07 UTC · By: Bogdan Popa / Similar to various countries around the world, the Spanish government today agreed to provide 4 billion euros ($5.1 billion) to local automakers that may require financial aid following the massive ...
PSA Boss Expects 2009 Sales Drop by 20%
10 Feb 2009, 13:37 UTC · By: Madalina Iancu / It is already known that PSA/Peugeot-Citroen is facing serious problems in the light of the economic crisis despite the loan they received from the government. More sadly, neither 2009 nor 2010 sale...
Renault Applauds Government Loan, Promises Full-Electric Car
10 Feb 2009, 08:26 UTC · By: Bogdan Popa / Following the recent announcement that the French government will provide a 3 billion euro loan to the domestic struggling automakers, Renault officials came out and applauded the decision, explaini...
No More Jets for Citigroup During the Crisis
28 Jan 2009, 11:39 UTC · By: Madalina Iancu / After getting a $45 billion from the government, Citigroup had to do something about their plan before the current financial crisis to purchase a new corporate jet . However, an Associated P...
Britain Offers 2.3 Billion Pounds to Struggling Automakers
28 Jan 2009, 08:56 UTC · By: Bogdan Popa / The United Kingdom government today announced it will provide up to 2.3 billion pounds ($3.25 billion) to domestic struggling automakers in order to prevent job cuts and reorganize their production ...
Nearly 60,000 Jobs to Be Lost Without Government Aid, Fiat Says
27 Jan 2009, 14:29 UTC · By: Bogdan Popa / Speaking to journalists attending a meetinng of Unione Industriale, Fiat CEO Sergio Marchionne emphasized the need for government help, explaining that the Italian auto industry could easily collaps...
Jaguar Land Rover Doesn't Ask For Government Bailout
23 Jan 2009, 10:52 UTC · By: Madalina Iancu / “We do want to get out of the misery but we categorically refuse to beg” seems to be Jaguar Land Rover's motto during the current economic crisis. Reuters has recently reported t...