GM to take future liability claims

The Associated Press reported today that General Motors will take responsibility for for future product liability claims, making it easier for the company to sell its assets and come out of its Chapter 11 a new company.
While GM did not offer this willingly (its hand was forced to take liability in order to sell assets,)it will help consumers hold GM accountable for defective vehicles it previously would not have assumed any liability for. From the story:

"The fact that 'New GM' will protect consumers injured by defective 'Old GM' cars is a positive development for public safety," The Ad Hoc Committee of Consumer Victims of Chrysler and GM said in a statement released Saturday. But the group said more needs to be done, noting that GM's concession doesn't help people that have already been hurt by its vehicles. It also said consumers hurt by fellow automaker Chrysler LLC still have little recourse."

View the story here.

Star Tribune Co. files re-organization paperwork

Editor & Publisher reports that The Star Tribune Co. filed a reorganization plan in U.S. Bankruptcy court Thursday, with a goal to emerge from Chapter 11 protection this fall.

Publisher and chairman Chris Harte said in a statement that he is confident that the newspaper will be in better shape when it returns, but that he does have plans to leave the paper, eventually.
Since the Star Tribune entered bankruptcy in January, it has drawn up agreements with 94 percent of unionized employees.
The Star Tribune says the agreements reached cost savings the company needs: cutting labor costs by $20 million a year.

View the story here.

GM bankruptcy-what does it mean for me?

The Wall Street Journal has written an essential piece summing up how General Motor Corp.'s application for Chapter 11 will impact new-car deals, resale value, warranties, service and other car makers.
Summing up the Chapter 11 repercussions on businesses and individuals in layman's terms is the only way to address that ever-important question: What does it mean for me?
View the story here.

GM bankruptcy: an opportunity?

The New York Times journalists Jack Healy and David Stout wrote an interesting piece today examining the positive spin the White House and General Motors Corp. are trying to put on the company's recent filing for Chapter 11 bankruptcy.
Great analysis like this of how business events are framed by those involved will never fail to serve readers a healthy dose of perspective.
From the story:

"In Washington, Mr. Obama was more than halfway into a speech before he mentioned the word "bankruptcy” in the same breath with “G.M.” Fritz Henderson, the company’s chief executive, spoke for 20 minutes at a news conference before saying the b-word. And a press release from G.M. described the move as a 'fast track to competitive future.' "

View the story here.

GM bankruptcy resources

The Los Angeles Times has created a list of General Motors Corp. top 20 unsecured creditors with the type and amount of claims each has in G.M., a great resource for reporting how G.M. filing for bankruptcy will affect other organizations. It also has great graphics on the number of union workers at G.M. and G.M.'s global sales by region.
The New York Times also has enlightening multimedia on G.M.'s current predicament, including a timeline graphing G.M.'s history from 1908 to today chronicling its struggles and successes up to the Chapter 11. Its graph contrasting the amount of cars and trucks G.M. has been producing since the 1960s is also very insightful. A NYT map showing the number and locations of jobs the company has cut in the past two years helps show where plants may be closed and jobs may be lost in the aftermath of the bankruptcy filing.
Click here to see the most recent press releases from G.M.

Have other information or resources you'd like us to find for you? Comment and let us know.

GM retirees get the shorter end of the stick

A flood of stories on General Motors Corp. washed over the unsuspecting public this morning. As of 10:04 am MST, there were 52,479 stories on Google News about G.M. filing for bankruptcy.
While many stories covered the necessary basics of what happened, some went beyond to look at the more detailed picture of the company's financial collapse. Forbes' story "A Sickening Outcome For GM Retirees" is a good example of highlighting the personal and devastating in what could be the faceless falling of a company.
At a time when people are still waiting to see the full fallout of a company's chapter 11, it's important to remember the people at the heart of the company and the story.
View the story here.

Star Tribune, union agree on tentative deal

The Star Tribune, currently working through Chapter 11 bankruptcy protection, has reached a tentative deal with its newsroom union, according to MinnPost.com.

Workers who remain will get a 3 percent wage scale cut, a 30 percent across-the-board merit pay reduction (most of the newsroom gets so-called "overscale"), two furlough days a year for the next two years, and a pension freeze. Pension savings is not included in the $1.7 million the Star Tribune will save.

According to the article, Star Tribune management was not able to get rid of seniority when it comes to layoffs.
However, the union did agree to let management save a "small number" of less-senior employees in the event of more layoffs, so the seniority rule is no longer as concrete as it once was.
The agreement is expected to save the paper just under $1.7 million, plus pension savings.
Click here to read more.