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General Motors will file bankruptcy papers today. This is according to an official close to the situation. The action is expected to take between 60 and 90 days, which is considerably longer than the 28 days taken by Chrysler LLC's bankruptcy filing process.
The good news though is that the Obama administration will pump an extra US$30 billion into GM to add to the US$19.4 billion it has already spent as part of a sweetener to bondholders. Under a new restructured GM the bondholders would get 10 percent of equity with warrants to buy an extra 15 percent. A report says at least 35 percent of them will approve the restructuring plan under which all this would happen.
Some are not happy with the new offer. A group called the Main Street Bondholders said in a statement: "The U.S. government appears to overtly favour the UAW members over America's seniors and retirees..."
The massive US$30 billion loan would be converted into equity and GM would only have to repay US$8 billion of it. The majority of the rest would stay with the government as equity. The state's stake in the company as a result would be 72.5 percent. However, should the UAW trust fund and bondholders exercise their warrants this portion would be reduced to 55 percent. GM will likely become a private entity for up to 18 months after which its shares would be publicly traded again.
Meanwhile GM Europe insists that despite reports to the contrary, the two bidders who want the Opel/ Vauxhall business are committed to keeping the Vauxhall manufacturing facility in the UK going. The two bidders are Fiat of Italy and Magna of Canada.
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2010 Audi TT RS
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After years of spy activity and speculation preceding the official unveiling of the Audi TT RS, the stage was set for a firecracker announcement at the 2009 Geneva Motor Show. And so it happened: Audi took the covers off the two-door coupe and roadster. We have a bit more detail on the potent twins, including pricing.
The TT RS range is blessed with Audi's new 2.5-litre five-cylinder turbo engine with FSI direct petrol injection. It makes maximum power of 250kW and peak torque of 450Nm between a wide band of 1,600rpm and 5,300rpm. This power and torque is sent through to all four wheels via Audi's quattro permanent AWD.
Performance, according to Audi, confirms the TT RS as the fastest in its class. The Coupe fires off the line to 100km/h in 4.6 seconds while the Roadster does it in 4.7 seconds. Top speed is limited to 250km/h in both cars but can be increased to 280km/h if requested. The hard top weighs in at 1,450kg while the Roadster is 60kg dearer because of all the extra equipment needed to operate the canvass roof.
Average fuel consumption is 9.2 litres per 100km for the Coupe and 9.5 litres per 100km for the Roadster.
The standard wheel size is 18-inch with 245/40 tyres but customers can specify the bigger 19s or 20s for their baby. A standard sports suspension lowers the car by 10 milimetres while the optional magnetic ride adaptive damping system offers Comfort and Sport characteristics. The rear features a diffuser and a stationary spoiler. There is an optional one that retracts and extends.
The interior is laid out in leather and Alcantara. It also features heated sports seats, brushed aluminium inlays and a flat-bottomed multifunction sports steering wheel.
The TT RS Coupe will be priced at R624600 and the Roadster at R656400 when they are launched this European summer.
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Magna to Acquire Opel
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A deal to rescue Opel looks to have been finalized just hours before the company's parent, General Motors, files for bankruptcy protection. The deal will hand control of German automaker Opel and British automaker Vauxhall to Canadian autoparts giant Magna International.
The last step needed to complete the deal was securing a bridge loan of over $2.1 billion to cover short-term operating costs. Germany's national government will pony up half of the short-term loan, while the German states of Thuringia, Rhineland-Palatinate, Hesse, and North Rhine-Westphalia will combine for the other half. The last two states mentioned approved their portion of the loan yesterday, while all four states play home to Opel facilities.
After all the discussions were concluded, Juergen Ruettgers, governor of North Rhine-Westphalia, said, "The time of uncerntainty is over. ... The main components of Opel's future remain in Europe."
Russia's largest bank, Sberbank, backed Magna's ownership bid in exchange for 35% of the automakers. Magna keeps a 20% stake, giving the team a majority holding. GM will keep 35%, with Opel employees getting the remaining 10%.
All four German Opel factories will remain open, under deal terms. However, nearly 2,600 will likely lose their jobs in Germany, part of roughly 8,000 European job cuts. Much to the dismay of U.K. officials, Magna has been quiet on their plans for Vauxhall, and the 5,000 British workers based in two plants there.
The two automakers also operate in Belgium, Hungary, Poland, and Spain. As recently as 2006, Opel had also been using a facility in Portugal.
Roland Koch, governor of Hesse, spoke optimistically of the deal, saying, "We've decided that there is to be a new European company."
"I think that for Opel and its employees, it is an unbelievable chance."
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