Post Tagged with: "restructuring"

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Ford on schedule with European recovery plan

Ford on schedule with European recovery plan

According to Alan Mulally, which is almost ready to retire as Ford’s CEO, the company is advancing as planned with its European unit, which should come out clean next year after extensive restructuring and cost cutting. Muallally is optimistic, but the recent performances of the US automaker’s European division is […]

Ally and ResCap Reach Deal to Complete Restructuring

Ally and ResCap Reach Deal to Complete Restructuring

Ally Financial reached a deal with Residential Capital’s major creditors which would allow the company to complete its bankruptcy restructuring. This move is expected to allow the US Treasury, which still owns 74% of Ally, to begin the exit. Ally said that the plan reached with ResCap’s major creditors will […]

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GM Plans Gradual Restructuring for Opel

GM Plans Gradual Restructuring for Opel

GM announced it will choose a gradual restructuring for Opel despite rumored pressure from the French government for a more transformative alliance with PSA. Unlike its rival Ford Motor, which chose to close three facilities in Europe, GM said that such a drastic approach is not efficient in the region. […]

Fiat’s Shares Down Due to Restructuring Plan

Fiat’s Shares Down Due to Restructuring Plan

Fiat’s shares have dropped as investors fear that the automaker will have to raise fresh cash to be able to buy Chrysler Group. According to Philippe Houchois, a London-based UBS analyst, Marchionne might need to raise between 1.6 billion euro and 2.9 billion euro to be able to purchase Chrysler […]

Opel won’t make similar cuts in Europe as Ford, union boss says

Opel won’t make similar cuts in Europe as Ford, union boss says

General Motors’ European unit Opel will not see more severe downsizing than Ford’s restructuring measures in Europe, Opel top labour leader said. Ford decided to close three factories and cut 5,700 jobs in Europe in order to reduce losses and make its European subsidiary break even by mid decade. However, […]

EU Industry Commissioner vows to help Europe’s car sector

EU Industry Commissioner vows to help Europe’s car sector

EU Industry Commissioner Antonio Tajani today promised to take action to help Europe’s suffering carmakers. Tajani said he will address the automotive sector’s problems and restructuring in “an urgent and co-ordinated way”. The commissioner said he will gather industry leaders, representatives of the workers and top politicians to address issues […]