Related
IN DEPTH: Auto sector
Features
- Don't call them the Big Three
- (Feb. 2009)
- List of top 10 lists: most and least stolen, safest, and most fuel-efficient vehicles
- (Dec. 2008)
- CBC ARCHIVES: Chrysler in crisis
- Why the internal combustion engine just won't die
- (Oct. 2007)
General Motors
- IN DEPTH: The used-to-be Big Three
- Last truck rolls off line at Oshawa GM plant (May 14, 2009)
- GM likely won't keep 20% of production in Canada: analyst (May 14, 2009)
- GM deal likely to demand major sacrifices, McGuinty says (May 12, 2009)
- GM bankruptcy becoming more probable: CEO (may 11, 2009)
- CAW, GM told to go back to bargaining table: union (May 7, 2009)
- GM burns through $10.2B US in 1st quarter (May 7, 2009)
- GM Canada gets $500M government bridge loan (May 4, 2009)
Timelines
- Crises at Chrysler
- (April 2009)
- Auto Industry layoffs
- (Feb. 2009)
- Auto industry mergers
- (Oct. 2008)
- 'Mr. Fixit' Fritz Henderson to steer beleaguered automaker
Fritz Henderson took over as GM's chief executive on Monday. (Carolos Osorio/Associated Press)The new head of General Motors says the company has not decided whether it will ask the Canadian Auto Workers to reopen a recently signed labour agreement.
However, Fritz Henderson did say Tuesday the new deal between the CAW and the automaker is competitive.
The Canadian and Ontario governments are pushing for more restructuring changes at GM after rejecting a plan filed by the automaker. The two goverments want more concessions from the union.
The CAW has already said it is reluctant to reopen the labour deal it just struck with the company.
In his first speech since taking over Monday as chief executive from Rick Wagoner, Henderson said GM faces the prospect of closing more production plants to get in line with demands from the United States government.
On Monday, U.S. President Barack Obama gave GM 60 days to present a new restructuring plan that includes more concessions from bondholders and workers in order to qualify for U.S. taxpayer support.
Henderson said GM doesn't want to use the bankruptcy protection route to restructure, but he acknowledges that path is "certainly more probable" now.
With files from the Associated PressShare Tools
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Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12398.72 | 9.3 |
| DOW | 12872.3 | 71.07 |
| NASDAQ | 2925.98 | 22.1 |
| SP 500 | 1350.98 | 8.34 |
| NYSE COMPOSITE | 8052.41 | 60.36 |
| AMEX | 2431.73 | 13.75 |
| TSX-VENTURE | 1651.41 | -2.14 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
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