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AGMA NewsBrief
May 5, 2009
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Chrysler Aftershocks to Hit Industry Hard
from CNN Money
The bankruptcy at Chrysler LLC is likely to soon be felt across the auto industry, disrupting production at plants of healthier rivals within a week or two, according to industry experts. Chrysler will need court permission just to make payments of $5.3 billion that it owes cash-strapped suppliers for work that has already been shipped to the automaker. More    E-mail article



ALD Holcroft

ISM: U.S. Manufacturing Contraction Slowed in April
from Market Watch
The nation's factory sector remained in recession in April, but the pace of decline slowed, the Institute for Supply Management said. The closely watched ISM purchasing managers' index rose to 40.1 percent from 36.3 percent in March. It's the highest since September, when the global financial crisis intensified. More    E-mail article

U.S. Michigan Consumer Sentiment Index Rises to 65.1 Percent
from Bloomberg
Confidence among U.S. consumers rose more than forecast in April to its highest level since before the collapse of credit late last year unleashed a financial panic that sent the economy into a freefall. The Reuters/University of Michigan final index of consumer sentiment rose to 65.1 from 57.3 in March, the biggest gain in more than two years. The index reached a three-decade low of 55.3 in November. More    E-mail article

U.S. Economy: Manufacturing, Confidence Increase
from Bloomberg
Measures of U.S. manufacturing and consumer confidence last month unexpectedly jumped to their highest levels since the credit crisis intensified in September, indicating the economy is on the mend. The Institute for Supply Management's factory index rose to 40.1 from 36.3 in March; readings less than 50 signal a contraction. The Reuters/University of Michigan final index of consumer sentiment jumped by the most in more than two years, climbing to 65.1. More    E-mail article

Ajax Rolled Ring & Machine

Obama Vows Swift Overhaul as Chrysler Enters Bankruptcy
from The Washington Post
Chrysler, the nation's third-largest automaker, filed for bankruptcy protection on April 30, with President Obama promising that court relief would give the company a "new lease on life." The administration's efforts to avert a bankruptcy filing were frustrated by some hedge funds, which Obama referred to as "a small group of speculators," that rejected the government's final offer to settle their claims against Chrysler out of court. More    E-mail article

Bondholders Propose Alternative to GM's Plan
from The New York Times
A committee representing bondholders of General Motors has proposed an alternative plan to restructure the automaker, in which the bondholders, not the government, would be in the driverís seat. Under the proposal, GM's bondholders would receive 58 percent of the restructured company in exchange for tearing up their $27 billion in unsecured GM bonds. More    E-mail article

Chrysler Can Pay Workers, Expenses, Judge Rules
from The Associated Press via USA Today
Chrysler can keep paying its employees and contract workers pre-bankruptcy wages, benefits and business expenses, a Bankruptcy Court judge said. Attorneys packed the courtroom for Chrysler's first hearing that may signal whether a quick, "surgical" bankruptcy will be possible for the automaker. More    E-mail article

Cessna Cuts Jobs, Scraps the Citation Columbus
from Luxist
The slowdown in the private jet industry has doomed, at least temporarily, Cessna's most promising new plane. Cessna has announced drastic measures to trim expenses including laying off an additional 2,300 people, lengthening the summer production stoppage, suspending its Citation Columbus program and closing its Bend, Ore. plant. The Columbus program was still in the developmental stages but it would have been the fastest and largest jet in the Cessna fleet with a range of 4,000 nautical miles. More    E-mail article

Will Ford Benefit from Bankruptcy?
from The San Francisco Chronicle
Normally, when a company files for bankruptcy, others in the industry benefit "because it takes out a competitor," says Jesse Fried, a bankruptcy-law professor at UC Berkeley. Even if the failed company attempts to reorganize, "it usually shrinks and becomes a less potent competitor," Fried says. Yet in some industries, notably airlines, bankruptcies seem to beget bankruptcies. More    E-mail article




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