DETROIT – Reuters reports that GM bondholders have presented the company with a plan to restructure its debt. And they say this is the best deal GM can hope for. Meanwhile, Steven Rattner, with the Presidential Task Force, is quoted by the Detroit Free Press as saying that bondholders are being “quite difficult” and that the UAW is being “quite constructive.” But bondholders are objecting to the payouts GM is paying to UAW workers. Every day we get closer to that March 31st deadline, but now Rattner says he doesn’t want to see a bankruptcy and is talking about extending that deadline.
Chrysler CEO Bob Nardelli said yesterday that its possible deal with Fiat is worth up to $10 billion. According to Reuters, the value in the deal comes from synergies in purchasing, engineering and sharing technology. Nardelli also said the deal could help preserve 5,000 manufacturing jobs in North America with Chrysler building Fiats in its current plants.
Mazda will equip a urea system to the CX-7 that will be introduced later in the year, the first Japanese OEM to do so. The system was designed exclusively for the European market and is compliant with Euro 5 emission regulations. It will be combined with Mazda’s 2.2-liter turbo diesel. Mazda’s system is smaller than most which will allow them to equip it in a passenger car in the future.
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