Lenders offer to swap $2.5B of Chrysler’s debt for equity, but won’t give up all they’re owedDETROIT — Banks and hedge funds that hold $6.9 billion in Chrysler LLC debt have proposed forgiving $2.5 billion of it in exchange for about a 40 percent stake a Chrysler-Fiat alliance, according to two people briefed on the proposal. US prepares GM for fast surgical bankruptcy: NYTWASHINGTON - The US government has asked General Motors to make all necessary preparations for a possible bankruptcy filing by June 1, even though the troubled automaker insists it can restructure its business on its own, a media report said Monday. GM boss to step down: ReportWASHINGTON - Rick Wagoner will resign as head of General Motors Corp (GM) under an agreement with the government to continue bailing out the struggling carmaker, the Detroit Free Press reported. Irish origin US lawmakers’ will be quaffing Guinness, downing bangers on St. Patrick’s DayWASHINGTON - US lawmakers of Irish origin would be off quaffing Guinness and downing bangers and mash on St. Patrick’s Day. Chrysler gives ultimatum, threatens to pull out of CanadaTORONTO - Chrysler Wednesday threatened to pull out of Canada unless the Canadian government gives it billions of dollars in loans and allows tax concessions and workers take wage cuts. Chrysler cuts 1,200 more jobs at its main Canadian plantTORONTO - Auto giant Chrysler cut 1,200 more Canadian jobs Wednesday at its Windsor plant near Detroit amid plunging sales. GM to cut 10,000 more jobs worldwideWASHINGTON - General Motors Corp, the largest US automaker, has unveiled plans to eliminate 10,000 salaried jobs around the world and cut pay by up to 10 percent in an effort to prove to Washington it is a viable company. Motown Records turns 50 - the KISS music legacyDETROIT - The story is like a fairytale. In 1959, Berry Gordy founded the Motown Records. Within a few years it became one of the most successful music labels in the history of pop music with legendary artists like Stevie Wonder, Diana Ross, Marvin Gaye and Smokey Robinson. Dwight Howard, Kobe Bryant lead All-Star game votingLOS ANGELES - Holiday shoppers stuffing Christmas stockings found time to fill ballot boxes for top basketball players Dwight Howard and Kobe Bryant. |
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