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AGMA NewsBrief
March 3, 2009
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China’s Geely May Bid for Volvo
from The Wall Street Journal
Chinese auto maker Geely Automobile Holdings Ltd. is likely to submit a bid later this month to acquire Ford Motor Co.'s luxury Volvo car brand, two people familiar with the situation said. Offers for the Swedish unit of Ford are due to be submitted as early as next week, and as late as the end of the third week of March, the knowledgeable people said. In addition to Geely, there are at least three other possible bidders, one of which is also a Chinese company, according to one of the people. More

ALD Holcroft

German Economic Minister: No Decision Reached Yet on Opel Help
from CNNMoney.com
Germany hasn't reached any decision yet about possible help for General Motors’ German unit Opel and it will contact GM and the U.S. government in the coming weeks, Germany's Economics Minister Karl- Theodor zu Guttenberg said Monday. He said the government learned some details of the company's restructuring plan for Opel earlier Monday and the economics ministry and government would now examine these. The examination would be thorough and any decision would take as long as needed to be "economically sensible." More

Ford to Reopen Cleveland Engine Plant
from USA Today
The first Ford Motor plant to make a new line of fuel-efficient engines will help the automaker deliver the kind of fuel economy that customers demand, officials said Friday. The plant in suburban Cleveland, idled since 2007, was chosen to make the 3.5-liter, V-6 EcoBoost engines that will be standard on the Ford Taurus SHO and optional on the Lincoln MKS and MKT, and Ford Flex cars. More

Opinion: A Line for General Motors
from The New York Times
President Obama’s auto sector task force should not agree to fork over the extra $16 billion that G.M. has requested until the company, its bondholders and its union have reached watertight agreements to slash its liabilities and stanch the hemorrhage of money, as they promised to do when they first asked for a taxpayer handout in December. More

Eclipse Aviation Files for Liquidation
from Aviation Week
Eclipse Aviation officials have given up on attempting to resurrect the bankrupt firm by means of Chapter 11 reorganization and instead filed a motion to proceed directly to Chapter 7 liquidation of all assets. The actions follows Eclipse Aviation's failure to obtain additional bridge financing to continue operations until Luxembourg-based ETIRC's EclipseJet Aviation International could buy the assets and resume operations. ETIRC was unable to complete the asset buy out by the end of January due to lack of funds, prompting its three largest secured creditors, Kings Road Investments, HBK Services and Citadel Investment Group, to press the U.S. Bankruptcy Court for the District of Delaware to liquidate its assets. More

Rahm Emanuel: GM Plight “A Wake-up Call”
from The Detroit Free Press
White House Chief of Staff Rahm Emanuel said the plight of General Motors Corp. is "a wake-up call to America" that signals the need to increase energy independence and overhaul the nation's health care system. GM reported a $30.9-billion annual loss last week. Full-year sales fell 17 percent. More

Green Car Rules Gives Auto Industry New Challenge
from The Associated Press via The Chief Engineer
President Barack Obama wants automakers to make greener cars at a time when General Motors and Chrysler are hanging by the thread of a massive government loan and auto sales have plummeted to their lowest levels in more than two decades. Obama’s plans could bring smaller cars, more hybrids and advanced fuel-saving technologies to showrooms, but car shoppers will probably pay more upfront because the new rules are expected to cost the hamstrung industry billions of dollars. More

Wind Power Industry Seeks Trained Workforce
fromThe Los Angeles Times
The work requires smarts and stamina. It is potentially dangerous. Candidates need good knees, a cool head -- and a stomach for heights. More






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