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Thursday, 13 August 2009 12:19

Cash For Clunkers Videos

Cash for Clunkers: How to destroy an engine

General Motors Corp. reached a deal with the National Automobile Dealers Association on franchise terms for the more than 3,500 dealers it plans to keep after it exits bankruptcy, GM and NADA said June 8.

Since Chrysler closed its Newark assembly plant in December, hundreds of autoworkers have grappled with an uncertain future in a job market that many are ill-prepared to enter. It's a scenario that will be repeated when General Motors Corp. closes its Boxwood Road plant near Newport next month, idling 450 hourly workers."When Chrysler closed, that was disheartening enough," said Deborah Armstrong, a liaison between United Way of Delaware and local labor groups, who has worked with the Local 1183 since the plant closing. "It was a crisis, and now it's a disaster."

GM plans to drop about 1,600 U.S. dealers as it struggles to slash billions of dollars in operating costs and debt ahead of an anticipated bankruptcy filing by the end of the month.

Reuters is reporting that GM said, if it files for bankruptcy, it would most likely pursue a quick sale of its best assets to a new operating company similar to the process now reshaping Chrysler LLC.

GM has about 12 potential buyers of the endangered Saturn brand, which could include an asking price and a list of assets that might be included in the sale.