Billions approved to finance GM bailout
General Motors won approval Thursday to use up to $33.3 billion to pay for its bankruptcy, after making a few changes to settle technical objections.
The step marks another major milestone in GM’s dash through bankruptcy court, which it and President Obama’s auto industry task force hope to complete with the creation of a new, government-owned GM by the end of the month.
The financing was approved by U.S. Bankruptcy Court Judge Robert Gerber in a matter of minutes after Harvey Miller, GM’s lead bankruptcy attorney, said the company had made some small changes to settle concerns of creditors and local governments.
About $30.1 billion of the money comes from the U.S. Treasury, with the additional money coming from the Canadian government.
The U.S. Treasury also added a clause that Gerber accepted stating it was legal for the government to pay for GM’s bankruptcy using money from the $700 billion financial industry bailout. That had been a legal objection raised unsuccessfully by Chrysler investors opposing its bankruptcy plan.
The $30.1 billion for GM from the federal government comes on top of $19.4 billion lent to GM to keep the automaker from collapse this year. The Treasury will own 60.8% of the new GM when it emerges from bankruptcy protection, a stake Obama administration officials have said they want to sell as quickly as possible.
Gerber also ruled that a group representing GM’s salaried retirees cannot form a formal committee to negotiate with the automaker.
Gerber said that because GM had the right to modify or terminate the retirees’ health care and life insurance benefits before they filed for bankruptcy protection, the retirees can’t challenge the automaker’s ability to do so now.
“While I do understand the importance of this to the retirees, I can’t grant the retirees rights that they don’t have outside of bankruptcy,” Gerber said in issuing his ruling.
As part of its restructuring plan, GM plans to continue to pay health care and life insurance benefits for its 122,000 salaried retirees and their surviving spouses, but those benefits are expected to be reduced and the retirees will be forced to shoulder a larger share of their health care costs.
Retired hourly workers whose benefits are dictated by contracts with unions like the United Auto Workers are not affected.
Also on Thursday, Gerber denied a request from an unofficial committee of people with asbestos-related claims against GM to appoint a “tort czar” that would oversee all future claims against the old GM, not just those related to asbestos.
The asbestos group had previously filed a motion requesting formal committee status, but told the court Thursday that it was no longer pursuing that. The group has one representative on the case’s unsecured creditors committee.
GM also defended the fees it’s paying investment adviser Evercore Partners to guide it through bankruptcy — but said it had negotiated a $1.5 million discount after complaints from federal officials.
The money GM will pay Evercore and turnaround experts Alix Partners was to be debated during the hearing Thursday, but Miller asked for a delay until July 2 for talks with federal officials.
U.S. officials had objected to GM’s proposed payments as “inordinately large,” saying the firms sought $40 million for 30 days of work on top of at least $85 million paid by GM to the companies before bankruptcy. The U.S. bankruptcy trustee and GM’s official creditors committee contend GM needed to provide more information to justify the payments.
In its reply filed Wednesday, GM said Evercore received $24.5 million in the months ahead of GM’s bankruptcy, not $46 million as the U.S. trustee had said. GM’s figure excludes $6 million paid to Evercore for its work in Delphi’s bankruptcy.
The trustee had said Evercore would be paid $17.6 million if GM’s sale closed as planned next month, as well as fees of $400,000 per month. GM said it estimated Evercore would now be due $14.8 million after Evercore had agreed to reduce a fee related to arranging GM’s bankruptcy financing from $2.5 million to $1 million.
GM also defended the hiring of both Evercore and Alix, saying Evercore was responsible for financial talks with the government and creditors while Alix helped oversee day-to-day operations.
Sourced via usatoday.com
Categories: Breaking News, New Vehicle Prices Tags: auto industry, chrysler, finance, finance GM bailout, general motos, GM
New Car Prices: Mazda
MAZDA2
Mazda2 1.3 Active R153 571 Petrol
Mazda2 1.3 Dynamic R 171 050 Petrol
Mazda2 1.5 Dynamic R 179 250 Petrol
Mazda2 1.5 Individual R 197 150 Petrol
OPTIONS:
Metallic Paint R710
MAZDA3
Mazda3 1.6i R181 050 Petrol
Mazda3 1.6 Original R 195 049 Petrol
Mazda3 1.6 Active R 215 200 Petrol
Mazda3 1.6 Dynamic R221 200 Petrol
Mazda3 2.0 Dynamic R 237 449 2Petrol
Mazda3 2.0 Individual R252 850 Petrol
Mazda3 2.3 Individual R264 880 Petrol
Mazda3 Sport 1.6 Original R 195 401 Petrol
Mazda3 Sport 1.6 Active R213 600 Petrol
Mazda3 Sport 1.6 Dynamic R 219 650 Petrol
Mazda3 Sport 2.0 Dynamic R 237 350 Petrol
Mazda3 Sport 2.0 Individual R249 300 Petrol
Mazda3 Sport 2.3 Individual R261 500 Petrol
OPTIONS:
Metallic Paint R 750
6CD Shuttle with MP3 R2100
6CD Shuttle with MP3 and Trip Computer R2700
MAZDA3 MPS
Mazda3 2.3 DISI Turbo MPS R299 850 Petrol
OPTIONS:
Metallic Paint R750
MAZDA5 FACELIFT
Mazda5 2.0 Original R239 771 Petrol
Mazda5 2.0 Active R 251 290 Petrol
Mazda5 2.0 Individual R 286 100 Petrol
OPTIONS:
Metallic Paint R750
MAZDA6
Mazda6 2.0 Original R 250 950 Petrol
Mazda6 2.0 Active R273 750 Petrol
Mazda6 2.5 Dynamic Activematic R310 330 Petrol
Mazda6 2.5 Individual R 318 280 Petrol
OPTIONS:
Metallic Paint R750
MAZDA MX-5
2.0 Soft Top R296 170 Petrol
2.0 Roadster Coupe R330 510 Petrol
OPTIONS:
Metallic Paint R1200
MAZDA RX-8
RX-8 5-speed R324 400 Petrol
RX-8 6-speed R375 000 Petrol
OPTIONS:
Metallic Paint 1200 1053
MAZDA CX-7
CX-7 2.3 DISI Turbo 6 speed A/T R421 100 Petrol
OPTIONS:
Metallic Paint 1150 1009
MAZDA BT-50
Single Cab
Mazda BT-50 2500TDi SLX 4×2 R240 950 Diesel
Mazda BT-50 2.6i 4×2 R185 770 Petrol
Mazda BT-50 2.6i 4×4 R 223 750 Petrol
Mazda BT-50 2.6i 4×4 (Safety) R234 949 Petrol
Mazda BT-50 Drifter 3000CRDi SLX 4×2 R263 200 Diesel
Freestyle Cab
Mazda BT-50 2500TDi SLX 4×2 R 260 310 Diesel
Mazda BT-50 2500TDi SLX 4×4 R305 100 Diesel
Mazda BT-50 3000CRDi SLX 4×2 R286 050 Diesel
Double Cab
Mazda BT-50 2500TDi SLE 4×2 R304 401 Diesel
Mazda BT-50 2.6i 4×4 (Safety) R271 950 Petrol
Mazda BT-50 2.6i SLE 4×2 R289 790 Petrol
Mazda BT-50 3000CRDi SLE 4×2 R327 991 Diesel
Mazda BT-50 3000CRDi SLE 4×2 Auto R339 990 Diesel
Mazda BT-50 3000CRDi SLE 4×4 R372 101 Diesel
OPTIONS:
Metallic Paint R750
Leather Trim – Single Cab & Freestyle Cab R2500
*the above prices include DIFF-LOCK as standard fitment. *Effective 1 April 2009
Categories: New Vehicle Prices Tags: 2009, 6CD Shuttle with MP3, Cape Town, Double Cab, Durban, Freestyle Cab, MAZDA BT-50, MAZDA CX-7, MAZDA MX-5, MAZDA RX-8, MAZDA2, MAZDA3, MAZDA6, Metallic Paint, new car prices, Roadster Coupe, Single Cab, south africa, Trip Computer
Genral Motors South Africa-Official Statement
General Motors South Africa statement from Steve Koch, President and Managing Director, GM African Operations
Today, General Motors announced that it would continue the rebuilding of its U.S. operations under a court supervised process. This is a progressive step which will position the company to succeed in an increasingly competitive and challenging U.S. automotive industry. In this regard, it is important to note that this code provides for reinvention – as opposed to liquidation – of the company in the U.S. during which business operations continue while the company works with Creditors to arrange a solution under Court supervision.
GM South Africa is not part of this filing in the U.S. and will not be affected by the measures announced today.
Creditors of GM in the U.S. would have no claims on GMSA as we have not guaranteed any U.S. obligations nor are any of our assets used as security for their obligations. We continue to generate our own cash and are responsible for our own viability. We are a self-sustaining operation and as such will continue to operate as normal.
Fortunately, since early 2008, GMSA has taken the tough but required actions to align our business in a manner which will make us globally competitive and allow us to sustain our operations at these low industry levels while putting us in a strong position to gain volume profitably when markets recover. We have successfully stabilised our cash balance, reduced inventory levels and continue to make progress reducing our structural costs, all directed at ensuring profitable growth in South Africa.
General Motors South Africa and our distribution partners will continue to provide full sales and aftersales backing for all our vehicles including honouring all warranties, service and maintenance plans, parts supply and all other areas of aftersales support for the Chevrolet, Isuzu, Opel, HUMMER, Saab and Cadillac brands.
We will soon break ground on our all new R250 million Pan-African Parts Distribution Centre, and we recently welcomed the first shipment of the highly anticipated Chevrolet Cruze to our shores to begin local validation testing prior to the start of sale later this year. These are simply two tangible examples of a company focused on the future with confidence and resolve.
We have operated in South Africa since 1926 and are proud of our long standing history of involvement and support in our local communities. We remain committed to the ongoing investment in our South African operations and together with our dealers have invested R4 billion since 2004, leading to a strong product portfolio backed by excellent distribution and after sales support. Our plans for investment in future product programs for assembly at our production facilities in Port Elizabeth remain on track.
Categories: Breaking News, Car Pictures, New Vehicle Prices Tags: bankruptcy, Cadillac, chevrolet, General Motors South Africa, GM South Africa, GMSA, HUMMER, Isuzu, official statement, Opel, Pan-African Parts Distribution Centre, saab, USA
A glimpse at the latest Jaguar XK
The Jaguar sports car experience moves on to a new level in 2009 with the introduction of a new generation of the XK coupe and convertible.
With all-new engines, even more dramatic looks, a new interior, and an advanced lightweight aluminium body structure, the new XK builds on 60 years of legendary performance to deliver the best of everything Jaguar.
Designated 2010 model year and available in South Africa from late June 2009, the new XK range not only stands out from the crowd, it stands apart. The combined efforts of Jaguar’s designers and engineers have produced a car that utilises advanced technologies at a higher level than ever before.
The benefits of the XK’s lightweight but incredibly stiff and strong chassis are already acknowledged. Not only does this architecture bring dynamic benefits thanks to its torsional rigidity, it also offers excellent safety and crash repair features – and provides the ideal base to optimise performance across the board, including fuel economy and CO2 emissions.
“The philosophy at Jaguar is for our designers and engineers to work together with all areas of the Jaguar business to develop elegant, inspired solutions to complex technical challenges. The result is great products – and the new XK is a perfect example.”
Mike O’Driscoll, Managing Director, Jaguar Cars
The all-new AJ-V8 Gen III engines are the most efficient Jaguar has ever produced. They deliver significantly more power and torque than the previous generation of engines: 375kW and 625Nm in the new supercharged XKR and 283kW and 515Nm in the new XK.
With the introduction of these all-new 5.0-litre direct-injection V8 engines comes a new level of performance for the XK, with improved acceleration from standstill and stunning in-gear acceleration times. All models are electronically limited to a maximum speed of 250kph, but the 0-100kph sprint for naturally aspirated coupe models falls from 6.2 to 5.5 seconds, while for the supercharged XKR coupe, 0-100kph is reduced from 5.2 to 4.8 seconds.
And yet thanks to a combination of excellent powertrain efficiency and the XK’s advanced lightweight body architecture, all XKs offer strong fuel economy and impressive CO2 emissions ratings. Fuel economy is comparable to the previous generation of XK – despite the significant increases in performance – and CO2 emissions from each engine are better than the out-going versions, with the naturally aspirated version improving on that of the 4.2-litre V8 by two percent, while the supercharged engine produces one percent less CO2 than its predecessor. Indeed, the new generation XK is among the very best in both fuel economy and emissions for any V8-engined sports car
“With an all-new, supercharged AJ-V8 engine and dramatic new looks, the new XKR has all the performance, power and panache that you expect in the ultimate sporting Jaguar.”
MIKE O’DRISCOLL, MANAGING DIRECTOR, JAGUAR CARS
Allowing the engines to optimise their power is one of the most sophisticated transmissions available. Jaguar’s acclaimed electronically controlled, six-speed ZF 6HP28 transmission offers an unparalleled combination of driver control matched to virtually undetectable gearshifts. With control either from steering wheel-mounted paddles or full automatic mode via the JaguarDrive SelectorTM, which is new for the 10 Model Year XK, the transmission is now paired with an advanced electronic differential on the XKR model to ensure it accelerates even faster, handles more precisely and sets new standards of dynamic control and excellence.
There are two core models in the new XK range: the XK and the XKR, each with its own sporting character. In addition to the many changes under the skin, the new XKs are visually different to the previous generation. Each still looks just like a Jaguar should look – seductive, powerful and elegant – but all models, coupe and convertible, introduce revised exterior styling that underlines Jaguar’s contemporary thinking on design.
Inside, quality levels are raised even further with new interior trim and finishes that demonstrate Jaguar’s renowned craftsmanship, plus even more comprehensive specification. The driver is the centre of attention, with exciting new ideas, including the acclaimed JaguarDrive Selector™, Adaptive Dynamics with Active Differential Control and comfort features such as heated and cooled seats – taking the driving experience of the new XK range to even higher levels of luxury alongside the improved performance.
“The new XK delivers more power, more performance and more technology – without compromise. It moves the Jaguar sports car experience on to a whole new level.”
Mick Mohan, Director, Jaguar Programmes
The new XK range at a glance
– New generation of Jaguar XK sports coupe and convertible
– Exterior styling revised on all models
– Advanced aluminium body architecture is strong and lightweight and the key to optimising performance, dynamic agility and competitive CO2 emissions and fuel economy
– All-new AJ-V8 Gen III direct-injection engines are the most powerful and efficient engines Jaguar has ever produced:
• 5.0-litre supercharged V8 delivers 375kW, 625Nm of torque and propels XKR coupe to 100kph in just 4.8 seconds.
• 5.0-litre naturally aspirated V8 engine delivers 283kW, 515Nm of torque and propels XK coupe to 100kph in just 5.5 seconds.
– Improved CO2 emissions performance (Euro Stage V two years ahead of European legislative requirement) and comparable fuel economy to the smaller capacity and less powerful engines they replace
– New generation of XK is true to the heritage of Jaguar’s legendary performance and offers class-leading refinement and advanced technologies
– State-of-the-art six-speed automatic transmission has seamless gearshifts, plus for the first time on the XKR model an electronic differential to optimise traction and dynamic performance
– New design features, including exciting customer-friendly technologies such as the JaguarDrive SelectorTM first seen on the XF, further enhance performance, driving dynamics and the XK range’s unique luxury sporting character.
– Now three models in the range: XK, XK Portfolio and XKR. Styling revisions include a new front bumper, new side mirrors with integrated LED side repeater, rear valance, rear LED lights and colour-coded side power vents for both coupé and convertible versions
– First customer deliveries from March 2009 in Europe, with SA deliveries starting in June, dependent on model.
All performance figures are manufacturer’s estimates.
Categories: Car Review, New Vehicle Prices Tags: 2010, AJ-V8 Gen III direct-injection engine, Jaguar, Jaguar sports car, new XK, south africa, supercharged V8
