After months of struggle, Chrysler succumbs to bankruptcy, pins hopes on alliance with Fiat

DETROIT — After months of living on government loans, Chrysler finally succumbed to bankruptcy Thursday, pinning its future on a top-to-bottom reorganization and plans to build cleaner cars through an alliance with Italian automaker Fiat.

Meltdown 101: How government support makes Chrysler’s bankruptcy different from others

The U.S. government expects Chrysler to spend one to two months in bankruptcy under a plan announced on Thursday.

Kellogg, Kodak, MGM Mirage, Exxon Mobil, Dow Chemical are big market movers Thursday

NEW YORK — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:

Chrysler bankruptcy raises questions about worker pensions, dealerships and tax revenues

AUBURN HILLS, Mich. — Fears that a Chrysler LLC bankruptcy could devastate southeast Michigan and harm Chrysler workers and retirees nationwide were abating somewhat as details of the deal were released Thursday.

Chrysler declaring bankruptcy, seals deal with Fiat

WASHINGTON - The long ailing US carmaker Chrysler was to enter bankruptcy protection Thursday after last-ditch efforts to get an out-of-court agreement with its creditors collapsed, President Barack Obama announced.

Chrysler files for Chapter 11 bankruptcy after talks with creditors crumble overnight

WASHINGTON — Chrysler filed for bankruptcy protection Thursday and announced it will temporarily halt most of its vehicle production while it completes a deal with Italian carmaker Fiat designed to revive its tattered fortunes. The Obama administration said it had long hoped to stave off bankruptcy for the nation’s third-largest automaker, but it became clear that a holdout group of creditors wouldn’t budge on proposals to reduce Chrysler’s $6.9 billion in secured debt.

AP sources: Chrysler to file for bankruptcy protection as credit talks crumble overnight

WASHINGTON — Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, two administration officials said Thursday.

Obama planning to discuss fate of struggling domestic auto industry; Chrysler deadline looms

WASHINGTON — President Barack Obama was poised Thursday to update the nation about the struggling U.S. auto industry amid indications Chrysler plans to file for bankruptcy protection.

GM bondholder committee offers to give up $27B in debt for majority stake in restructured GM

NEW YORK — General Motors Corp. bondholders want a majority stake in the restructured automaker in exchange for forgiving their claim to $27 billion of GM debt, a committee representing the bondholders said Thursday.

Part I of the text of President Barack Obama’s news conference on Wednesday

Text of President Barack Obama’s news conference on Wednesday at the White House, as transcribed by CQ Transcriptions:

Part II of the text of President Barack Obama’s news conference on Wednesday

Part II of the text of President Barack Obama’s news conference on Wednesday at the White House, as transcribed by CQ Transcriptions:

Text of President Barack Obama’s news conference on Wednesday

Text of President Barack Obama’s news conference on Wednesday at the White House, as transcribed by CQ Transcriptions:

With big government stake possible, will General Motors become ‘Government Motors’?

WASHINGTON — If the government takes a majority stake in General Motors, will it end up taking the wheel, too?

Small General Motors bondholders rally for better debt swap offer, say current deal is unfair

WARREN, Mich. — Individuals who hold General Motors Corp. bonds said Wednesday they want a better deal than the debt-for-equity swap the company is offering.

Nationals acquire right-hander Logan Kensing from Marlins for pitching prospect Kyle Gunderson

PHILADELPHIA — The struggling Washington Nationals have acquired right-hander Logan Kensing from the Florida Marlins for pitching prospect Kyle Gunderson.

Bank of America, Office Depot, GM, Bristol-Myers Squibb are big market movers Tuesday

NEW YORK — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:

UAW official says American Axle to shutter Detroit plant, hundreds to lose jobs

NEW YORK — American Axle & Manufacturing Inc. plans to shutter the largest plant at its Detroit manufacturing complex and move production to Mexico, a union official said Tuesday.

General Motors moves up sale of Saturn brand by 2 years to end of 2009

DETROIT — General Motors Corp.’s Saturn brand will either be sold or phased out by the end of this year, nearly two years faster than previously announced, the brand’s top executive said Tuesday.

General Motors tells dealers it will force more than 1,000 underperforming outlets to close

DETROIT — General Motors Corp. told its dealers Tuesday that it will force 1,000 to 1,200 underperforming locations to close their doors as the automaker tries to thin dealer ranks to make the remaining outlets more profitable.

GM to axe 21,000 jobs in US, 5,900 in Canada

NEW YORK/TORONTO - Troubled General Motors announced Monday to cut 21,000 US factory jobs by next year, phase out the famous Pontiac brand and offer the US government stock in lieu of half of government debt.

UAW leaders recommend Chrysler concessions; union trust to own 55 percent of company

STERLING HEIGHTS, Mich. — Factory-level leaders of the United Auto Workers union voted unanimously Monday night to recommend approval of concessions that could give a union-run trust 55 percent ownership of a restructured Chrysler LLC.

Analysts: General Motors bond exchange bound to fail because it provides meager equity stake

DETROIT — Analysts are predicting General Motors Corp.’s effort to exchange $27 billion of its unsecured bond debt for equity is likely to fail, because it doesn’t provide a big enough stake in the company.

United Auto Workers leaders recommend approval of concessions to keep Chrysler from bankruptcy

STERLING HEIGHTS, Mich. — The United Auto Workers union will own 55 percent of a restructured Chrysler LLC and its retiree health care trust will get a seat on the board if union members vote to approve contract concessions this week.

General Motors, once colossus of US capitalism, could become government-owned company

DETROIT — General Motors, once the colossus of American capitalism, will become a leaner, government-owned company if the Obama administration goes along with the automaker’s plan to slash jobs, close plants and eliminate the legendary Pontiac brand.

Meltdown 101: How will GM’s debt-for-stock swap plan work _ and will it prevent bankruptcy?

General Motors Corp. on Monday unveiled a plan to swap its debt for common stock — a move that could potentially help the storied U.S. automaker stave off a bankruptcy filing by significantly alleviating its debt burden.

GM, Whirlpool, Beazer Homes, Qualcomm, Us Airways are big market movers Monday

NEW YORK — Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market:

GM announces new cost cuts, axes Pontiac for survival

WASHINGTON - General Motors Corp. announced another round of drastic cost-cutting measures Monday in its latest bid for survival, including abandoning its Pontiac brand and offering bondholders, employees and the government a greater stake in the ailing automaker to cut its massive debt.

World markets down on swine flu fears despite some cheer surrounding over GM restructuing

LONDON — World stock markets fell Monday as investors worried that a deadly outbreak of swine flu in Mexico could go global and derail any global economic recovery, though a positive reaction to the restructuring plan from troubled U.S. automaker General Motors Corp. helped ease the selling pressure.

General Motors to cut 21,000 US factory jobs, shed Pontiac as it speeds restructuring effort

DETROIT — General Motors Corp. could be majority owned by the federal government under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand.

Highlights of Pontiac’s history

Two people familiar with the latest developments in General Motors Corp.’s restructuring plan say the automaker will announce Monday that it is eliminating its storied Pontiac brand. Historical details about Pontiac: