February 6, 2009
Auto Industry, Technology
No Comments
Talk of the Nation, January 30, 2009 ยท
High School Students are building 100mpg cars.
The big automakers are retooling their factories to produce greener
cars but many of these vehicles won’t hit the road for years. Ira
Flatow talks with guests about outside-the-box ideas for improving fuel
efficiency and reducing greenhouse gas emissions quickly.
Open Player Here
December 10, 2008
Auto Industry, Obama's Staff
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Last update: 11:47 a.m. EST Dec. 10, 2008
NEW
YORK (MarketWatch) — GMAC said Wednesday that it probably doesn’t have
enough capital to become a bank holding company, putting the lender in
an even more precarious position.
The auto loan and mortgage company, 51% owned by a group of investors
led by private-equity firm Cerberus Capital Management, has been trying
to persuade debt holders to exchange their investments for new equity
stakes in the business.
If successful, the swap
would boost GMAC’s capital enough for it to qualify as a bank holding
company under Federal Reserve rules. This would give the firm potential
access to government investments that other banks have received in
recent months.
However, GMAC said
Wednesday that investors holding less than a quarter of its outstanding
debt have so far signed up for the exchange offer. The company needs
roughly 75% participation for it to lift capital to the $30 billion
minimum required.
GMAC has
extended its offer to Friday at 5 p.m. Eastern time, but warned that if
it doesn’t get enough investors to agree, the company will withdraw its
application to become a bank.
That would “have a
near-term material adverse effect on GMAC’s business, results of
operations, and financial position,” the company said in a statement
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