Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
Bigwormgraphix
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > Members Area > General Automotive + Other Cars Discussion

General Automotive + Other Cars Discussion Come chat about other cars.

Reply
 
Thread Tools
Old 12-08-2008, 03:23 PM   #1
DGthe3
Moderator.ca
 
DGthe3's Avatar
 
Drives: 05 Grand Am GT
Join Date: Jul 2007
Location: Niagara, Canada
Posts: 22,195
Send a message via MSN to DGthe3
Detroit Three seek $6.8 billion from Canada, Ontario

Wasn't sure if I should put this into the Canadian section or not. Figured it would get more attention over here.

Thespec.com

D
ecember 05, 2008
Romina Maurino, The Canadian Press
TORONTO — The Detroit Three automakers are seeking a total of $6.8 billion in loans and credit lines from Ottawa and Ontario, saying they need some of that money before the end of the year as they struggle with a worsening economy.
While only Ford Canada officially released its dollar figures today, The Canadian Press has learned that Chrysler Canada asked for $1.6 billion in emergency loans, while General Motors is seeking $2.4 billion in repayable loans.
GM is also seeking $800 million immediately to get through their liquidity problems, a source said.
Ford Canada said it was seeking a $2-billion standby credit line — “to be used only if the current economic crisis worsens” — but isn’t asking for any money up front.

Chrysler wouldn’t comment on the amount it was asking for, saying only that the figure was proportional to the $34 billion US that the three automakers were asking of Washington. Reid Bigland, president and CEO of Chrysler Canada, said in a statement that his company’s request was “temporary and fully repayable” and would ensure Chrysler has sufficient funds to complete its restructuring activities during an unprecedented downturn in vehicle sales.

GM said only that it “requires liquidity support” to stabilize its operations, proceed with new product mandates in the Ontario communities of Oshawa, St. Catharines and Ingersoll, and complete the restructuring initiated in November 2005.
“North American economic conditions now make it necessary for us to seek government assistance to sustain our business and supply chain,” said GM Canada president Arturo Elias.
“We will also work together with all our key stakeholders to review and agree to further necessary changes to our business model.”

Neither company provided details about possible impacts on jobs or plant closures, but GM did separately announce plans to temporarily lay off a third shift at its Oshawa car plant as it cuts 2,000 jobs across North America.
Automakers have blamed tight or nonexistent credit, economic woes and a lack of consumer confidence for the slump. They aren’t predicting much of a recovery in 2009.

Federal Industry Minister Tony Clement, who had travelled to Detroit and Washington with his Ontario counterpart to speak with the automakers, said the numbers were the first step in figuring out what, if any, aid would be granted.
“Before committing taxpayer dollars, we need to review the plans to ensure that they have met our requirements,” Clement said in a release. He has already said there are funds in the last budget to help automakers, despite the turmoil in Ottawa that prompted the Governor General to suspended Parliament until late January.
Earlier today, Ontario Economic Development Minister Michael Bryant said he had received the proposal from the three companies, and warned the number was going to be big. “The numbers are going to seem big to taxpayers because they are big,” Bryant said. “Exactly what those numbers are and whether or not they are too large, or in fact meet the needs of the companies, is something that we will get some advice from experts on.” The Ontario government hadn’t promised any time commitment, and will examine the numbers further over the weekend, Bryant added. “There is a desire for a bridge loan that would need to be satisfied by the end of the year from their perspective,” he said. “Whether or not we are going to provide assistance, whether or not Canada is going to provide along the timelines that the industry is requesting, is something that we are in fact looking at.”

Premier Dalton McGuinty, who was in Windsor, Ont., today, said it was too early say how much the province would be willing to give the automakers. “We’re not there yet; it’s just very, very preliminary,” McGuinty said. “We want to move as quickly as we can, but we don’t want to move so quickly that we end up with a response that is irresponsible given the legitimate demands of taxpayers.” The federal and Ontario governments had set a deadline of today for struggling automakers seeking financial to provide detailed financial information and a restructuring plan for their Canadian operations. They had asked the Canadian automakers to reveal their production plans, including how they will “ensure” that energy efficient cars are being made in Canada. The automakers were also asked for an analysis of its Ontario pension liability. All three automakers have pleaded to the American and Canadian governments for substantial financial aid to stave off bankruptcy and avert the loss of hundreds of thousands of jobs. Ontario, the heartland of the Canada’s auto industry, would be the hardest-hit province if one of the Big Three automakers filed for bankruptcy — something that’s considered a genuine threat now that the U.S. bailout is on hold.
__________________
Note, if I've gotten any facts wrong in the above, just ignore any points I made with them
__________________
don't believe a thing you read about the next gen Camaro -- as history has proven time and time again:

WE DO NOT TALK ABOUT FUTURE PRODUCT PLANS PERIOD FbodFather
__________________

Camaro5 Fest sub-forum

Last edited by DGthe3; 12-08-2008 at 03:25 PM. Reason: reformated
DGthe3 is offline   Reply With Quote
Old 12-08-2008, 03:25 PM   #2
Camaro_Corvette
36.833283,-76.021958
 
Camaro_Corvette's Avatar
 
Drives: Team 1LE
Join Date: Mar 2008
Location: Earth
Posts: 23,303
I don't think they are going to get that one. But they can try.
__________________
Next order of business>><<Next order of business
Camaro_Corvette is offline   Reply With Quote
Old 12-08-2008, 05:04 PM   #3
radz28
Petro-sexual
 
radz28's Avatar
 
Drives: Ultra-Grin
Join Date: Oct 2006
Location: Crapramento, Crapifornia
Posts: 13,046
Good luck. I think Detroit has a large stake of jobs over there so they might have some leverage.
__________________
"...What IS true: We anticipated that this would happen - we are never finished - and yes, Ford DOES deserve to win now and then. To think that GM can come out with a car to make ford throw in the towel is simply foolhardy..." - fbodfather
radz28 is offline   Reply With Quote
Old 12-08-2008, 05:36 PM   #4
SS4EVER
Camaro Convert...
 
Drives: 2006 Cobalt SS Supercharged
Join Date: Sep 2008
Location: Metro Detroit, Mi
Posts: 595
Yeah they do. I don't know if GM goes under or any of the big three it's just not the U.S Economy that's going to be screwed. Canada's economy will feel it too. Heck Australia was supposedly going to loan the Big 3 some cash I heard as well...
__________________
4 life!
Currently Driving: 2006 Cobalt SS Supercharged
SS4EVER is offline   Reply With Quote
Old 12-08-2008, 07:31 PM   #5
radz28
Petro-sexual
 
radz28's Avatar
 
Drives: Ultra-Grin
Join Date: Oct 2006
Location: Crapramento, Crapifornia
Posts: 13,046
I forgot about the Auzies! DUH!!!
__________________
"...What IS true: We anticipated that this would happen - we are never finished - and yes, Ford DOES deserve to win now and then. To think that GM can come out with a car to make ford throw in the towel is simply foolhardy..." - fbodfather
radz28 is offline   Reply With Quote
Old 12-08-2008, 08:55 PM   #6
camaropete
I love crepes
 
camaropete's Avatar
 
Drives: 2010 Camaro SS RS
Join Date: Oct 2008
Location: Virginia
Posts: 5,313
Send a message via AIM to camaropete Send a message via Yahoo to camaropete
Hey everyone might as well pitch in to help our friends at GM out.
__________________
camaropete is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Press Release: GM to Bolster Liquidity by $15 Billion through 2009 Mr. Wyndham General Automotive + Other Cars Discussion 6 07-17-2008 01:42 PM


All times are GMT -5. The time now is 03:48 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.