Moody On GM;s Bankruptcy

MOODY'S said filing of bankruptey by General Motors may adversly impact India's auto component industry which should increase its exposure in other expanding markets.

Defaults in payments to creditors are unlikely,but given the dimal state of the U.S auto market delays or negotiations on repayment terms may be unavoidable,Moody's economy.com said in a release.

This may have downside implications on the cash flows of Indian suppliers in the near term,it added.

Moody's added that as the big 3 US auto companies-GM,Ford and Crysler-struggle during the resussion,Indian suppliers alsofeel the squeeze

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GM Motors Under Financial Crysis

GM motor corparation has a loss of about 600 crore dollars in the first 3 months of 2009.It was 330 crore dollars last years.Earnings has been come down to 2240 crore dollars from 4240 crore dollars.Production has been reduced to 9 lakhs units.Their financial improvement plans has to be accurate herwise they have to follow the path of Crisler.

Tags:Gm motors,financial crysis,Gm motors america

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Don't Cry for me America... GM's former CEO Rick Wagoner to Receive $20m Retirement

Don't Cry for me America... GM's former CEO Rick Wagoner to Receive $20m Retirement

While we feel the pain for any basic employee -white or blue collar, doesn't matter- that loses his or her job, somehow we don't feel the same for high-ranking execs. As it was revealed today by ABC News, GM's outgoing CEO Rick Wagoner who was ousted from his position by Barack Obama (eligible for a massive $20.2 million retirement package. See, while the Treasury Department does not allow GM from paying severance to Wagoner or any other senior exec, the former CEO is entitled to retirement benefits from the company...

And mind you, this does not include other benefits such as cars for life, free air travel and secretarial services, not to mention the fact that over his 16-year long reign as a high-ranking GM exec, Wagoner received a whopping US$63 million, according to an analysis of company data by compensation analysts Equilar, Inc.

Heck, with that kind of retirement plan, feel free to fire me whenever and as many times you want... Just to give you an idea of what $20.2 million means, if you got paid $1,000 a day, it would take you approximately 55 and-a-half years (including weekends and holidays) without spending a dime to gather this amount of money.

However, it should be noted that according to Dave Schmidt, an executive compensation analyst with James F. Reda and Associates, there is a possibility that Wagoner might end up getting much less if GM goes into bankruptcy.

In an email sent to ABC from GM spokeswoman Julie M. Gibson, it was pointed out that Wagoner's retirement "will be paid out as an annuity over five years, the remainder is a small lifetime annuity". This comes to around $4m a year. However, on a follow up email sent after ABC published the story, Gibson said that " the specifics on any compensation entitled to, or actually paid to Mr. Wagoner are still being reviewed."

Nevertheless, as GM said in an official statement, "Wagoner has worked for GM for nearly 32 years and he is entitled to certain vested awards, deferred comp and pension and other post retirement benefits", meaning that the company's former CEO will one way or another receive a significant amount of money.

Source: ABC News , Via: Truthaboutcars

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GM Sponsors Design Competition for the Opel of 2050

GM Sponsors Design Competition for the Opel of 2050

In celebration of the 40th anniversary of UK's famed Royal College of Art (RCA) Vehicle Design course, GM is sponsoring a styling competition that will see some 19 students from 11 countries, including Germany, the UK, France, the Czech Republic, India and China, proposing their ideas for an Opel-branded vehicle of the future. The students must identify the potential customer of tomorrow and use their profile to create an aesthetic representation of what a future Opel might look like in 40 years from now.

All proposals will exhibited on Monday, April 27 at the London Transport Museum. The winner of the competition that will be chosen by a panel of judges that RCA professors and car designers like Peter Stevens, will have the chance to spend three months working at General Motors' European Design Center in Rüsselsheim.

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