DETROIT – Indiana State Treasurer Richard Mourdock, who oversees pensions for his state�??s retirees, is objecting to Chryslers bankruptcy plans, claiming it will hurt pensions. According to Reuters, court papers have been filed that request an examiner be appointed to investigate Chrysler’s business decisions and also appoint an independent trustee to oversee the Chapter 11 filing. Chrysler claimed in a statement that Mourdock is willing to put Chrysler in liquidation over less than 1 percent of the three funds�?? assets. And questioned whether his motives are financial or political.
GM has until the end of the week to restructure itself, and the view on Wall Street is that a Chapter 11 filing is inevitable. But GM is making progress. The Canadian Auto Workers voted overwhelmingly to slash labor costs, which clears the way for GM to get $3 billion from the Canadian government. The UAW presents its concessions for the members to vote Tuesday.
Planning Perspectives came out with its annual supplier survey and for the first time since the study started in 1990, Toyota is not at the top of the list. Honda is now ranked by automotive suppliers as the best car company to work with. But Honda�??s scores are coming down, too. Ford is making huge improvements, suppliers say, and they like what GM and Nissan are doing as well.
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