Rough times compounded by retirement has become a concern for most former employees of General Motors who were not part of the United Auto Workers which was responsible for the negotiations prior to the bankruptcy of the famed automotive manufacturer. In fact, not all are covered which only means that more than the ones represented during the talks are likely to be suffering all the more.

Benefits will be slashed severely for these non-members, something that has been able to support them in their daily livelihood. Now, they are left with lesser things to survive on, the only recourse they have of which is to seek Congressional Protection for their losses.

“For people living on a fixed income, the benefit losses proposed by GM are breathtaking,” said Karen DeOrnellas, Director of Communications for GMRA. “These retirees are old. Many are sick or disabled. In almost all cases they cannot make this money back or return to work.”

GM retirees have written GMRA to say the latest proposals for benefit losses will make them choose between paying for prescription drugs and paying for food, electricity, and housing. Many will be unable to replace lost life insurance, jeopardizing the ability of their spouses to remain in their homes.

(Source) Press

Tags: automotive manufacturer, Bankruptcy, benefit, electricity, fixed income, General Motors, GM, gm retirees, life insurance, livelihood, losses, negotiations, prescription drugs, proposals, recourse, rough times, united auto workers

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A lot of General Motors Dealerships have hit rock-bottom with the debacle that has hit the car manufacturing giant and while GM has already announced the slashing of about 42% of dealerships, a call for a special committee to look out for the welfare of these dealerships has been requested.

The proposal came in reaction to auto dealerships being left out of the restructuring. “Unlike many of the major affected players, including the United States government, United Auto Workers, major suppliers, bond holders and multi-million dollar pension funds, these small town dealerships risk having no voice in the General Motors bankruptcy,” Jones wrote.

If you look at it, this move seeks to get some sort of attention since dealerships have been left with nothing but to accept the fact of GM’s fate. Rather than left with nothing, a last ditch effort to allow these dealerships to participate or be given some consideration is being done and hopefully give them some right to air their concerns on the whole GM mess.

(Source) Press

Tags: auto dealerships, Bankruptcy, bond holders, General Motors, GM, gm dealerships, restructuring, united auto workers

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While the stock market may be down for investors, trying to get a piece of Ford Motors may not be so bad to consider. Ford Motor Company announced today a registered public offering of 300 million shares of its common stock at a par value of $0.01 per share. Ford said it also expects to grant to the underwriters a 30-day option to purchase up to 45 million shares of common stock.

Net proceeds to Ford from the offering are expected to be used for general corporate purposes, including to fund with cash, instead of stock, a portion of the payments the company is required to make to the Voluntary Employee Beneficiary Association (VEBA) retiree health care trust with the United Auto Workers.

Ford has filed a registration statement – including a prospectus – with the SEC for the offering to which this communication relates. Before investing, investors should read the prospectus in that registration statement and other documents Ford has filed with the SEC for more complete information about Ford and this offering.

(Source) Press

Tags: beneficiary, common stock, corporate purposes, Ford, ford motor, ford motor company, ford motors, health care trust, investors, net proceeds, par value, prospectus, public offering, retiree health care, stock market, underwriters, united auto workers, veba, voluntary employee

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In what is perhaps a move to prepare for the mass production of Ford’s next-generation Focus global small cars along with a new battery-electric version of the Focus for the North American market, Ford Motors has reportedly transformed its Michigan plant into a lean, green and flexible manufacturing complex.

The plant, formerly the production site for Ford Expedition and Lincoln Navigators SUVs, is one of three North American light truck plants Ford is retooling to build fuel-efficient global small cars in the coming years. The new Focus will begin rolling off the line next year and the battery-electric version of the Focus – Ford’s first all-electric passenger car – debuts in 2011.

As part of the retooling, Ford will consolidate its operations from Wayne Assembly Plant. When production launches in 2010, approximately 3,200 employees will be building the new Focus at Michigan Assembly Plant. At the plant, Ford and United Auto Workers are developing modern new operating practices to ensure high quality and even greater efficiency.

“The transformation of Michigan Assembly Plant embodies the larger transformation under way at Ford,” said Ford President and CEO Alan Mulally. “This is about investing in modern, efficient and flexible American manufacturing. It is about fuel economy and the electrification of vehicles. It is about leveraging our expertise and vehicle platforms around the world and partnering with the UAW to deliver best-in-class global small cars. It is about skilled and motivated teams working together in new ways to create the future of automobile manufacturing in the United States.”

(Source) Press

Tags: automobile manufacturing, electrification, focus ford, Ford Expedition, ford motors, fuel economy, michigan plant, new focus, united auto workers

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