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Breaking News: Fox Business Network TV reporting based on WSJ report... GM CFO states to WSJ reporter that GM will definitely not pay their $1Billion debt payment that is required on June 1, but continues to say that GM hopes to quickly restructure either in or outside of court. June should be an interesting month indeed. This shocked the 6 analysts on Fox who were not expecting this announcement this early before June 1...

In addition, GM has apparently decided that they will idle all U.S. plants nationwide for a period of 9 weeks during this summer... Get your orders in ahead of time if you are going the factory order route.
 

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I ordered mine two weeks ago. I hope I get it on time.

My brother was an engineer at GM here in Oshawa, Onatrio, for 32 years. He, and at least 300 other salaried employees, got the boot this week! They are cutting deep! :mad:
 

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Gibby said:
My brother was an engineer at GM here in Oshawa, Onatrio, for 32 years. He, and at least 300 other salaried employees, got the boot this week! They are cutting deep! :mad:
From 04/22 edition of my hometown Buffalo News:

About 60 salaried employees at General Motors' Town of Tonawanda engine plant are losing their jobs as part of a companywide reduction of the automaker's salaried work force.

The cuts represent about 30 percent[/color] of the Tonawanda plant's salaried work force, according to GM.

"These difficult actions are a result of a need to restructure GM for long-term viability," said Nina Price, a GM spokeswoman, in a statement.

The cuts are being made using GM separation programs and policies, which provide for severance payments, benefits contributions and outplacement assistance, Price said.

GM had announced that it would lay off 1,600 salaried employees this week. While it was expected the Tonawanda engine plant would be affected, the actual number was not disclosed until now.
 

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The building that my brother worked in went from about 270 people, to just 70. A cut of about 75%!! :blob:
 

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Gibby said:
The building that my brother worked in went from about 270 people, to just 70. A cut of about 75%!! :blob:
Were they building anything there or was this purely engineering? What kind of work were/are they involved in?
 

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Just engineering. He was is chassis. I recall he was recently working on the 2010 equinox.
 

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More details per MSNBC.com (http://www.msnbc.msn.com/id/30372299):

DETROIT - General Motors Corp. said Thursday it will temporarily close 13 of it's 22 total assembly plants in the U.S. and Mexico — some for more than two months — as it tries to pare back its bloated inventory due to slumping sales.

The company said in a statement that the closures will begin in May. Shutdown weeks vary by factory, but some will be closed for nine or 10 weeks.

GM normally shuts down its assembly plants for two weeks each summer to prepare for the new model year, but assembly plants that will see additional down weeks are in Arlington, Texas; Bowling Green, Ky.; Detroit-Hamtramck, Mich.; Flint, Mich.; Fort Wayne, Ind.; Lansing, Mich.; Lordstown, Ohio; Pontiac, Mich.; Shreveport, La.; Spring Hill, Tenn.[/color]; Wilmington, Del.; Wentzville, Mo.; and Silao, Mexico.

The longest shutdown is 10 weeks at Fort Wayne, which makes the Chevrolet Silverado and GMC Sierra pickup trucks.

The Associated Press first reported Wednesday that GM planned to close most of its factories for up to nine weeks.

Separately Wednesday, GM announced that it may miss a $1 billion bond payment also due June 1 if its debt-for-equity exchange is still in progress by then. GM also could go into bankruptcy protection, which could make the company miss the payment as well.

The company plans to make the exchange offer soon to bondholders, perhaps as early as next week. GM has $28 billion in unsecured bond debt and is under government pressure to reduce that to solidify its balance sheet.
 

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The Lansing Delta plant (Enclave, Acadia, Outlook) is not shutting down for the 9 weeks. I also heard that sometime, the Traverse could be brought up here to the Delta plant, instead of being in Spring Hill.
 
 
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