| G.M. and the Obama administration are hoping to close the sale by Thursday, when a four-day stay ordered by the judge expires.|
Then the real work begins on rebuilding G.M, which tumbled into bankruptcy on June 1 after decades as the dominant automaker in the American market.
G.M. executives were unavailable for comment on Monday, but a senior member of President Obama’s auto task force said he expected the company to be a “leaner and meaner” competitor once bankruptcy was in its rear-view mirror.
The adviser, Steven Rattner, said the government would not “micromanage” G.M., or interfere with decisions made by its chief executive, Fritz Henderson, or its new board, led by the former chairman of AT&T, Edward Whitacre.
But Mr. Rattner emphasized that G.M. could not continue to lose ground to rivals like Ford and Toyota in its home market.
“The share loss has to stop at some point for this company to be truly viable,” Mr. Rattner said on a conference call with reporters.
Tuesday, July 7, 2009
Hell with them; New G.M. Must Win Fans Quickly
I am boycotting GM and Chrysler and the only American car maker I would look at is Ford and only because Jeremy Clarkson of Top Gear made the Ford Fiesta look like a boss a couple of season ago. As long as GM and Chrysler have UAW ownership and taxpayer money backing it, the faster they burn to the ground the better it will be for everyone.