Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (100839)	1/26/2009 1:48:37 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 110194

TH, this info on visteon was leaked today... Bankruptcy fears grip U.S. auto-parts firms reuters.com. (Reuters) - Visteon Corp, one of Ford Motor Co's biggest parts suppliers, has hired legal and financial advisers to prepare for possible bankruptcy proceedings, the Wall Street Journal reported, quoting people familiar with the matter. The hirings don't mean a bankruptcy filing is imminent, the paper said, quoting the people. Meanwhile, parts makers with stronger finances, like Lear Corp, are working with restructuring specialists and stepping up lobbying in an effort to cushion the blow of a possible industry meltdown, the paper added. Visteon and Lear Corp were not immediately available to comment. Some of the biggest U.S. auto-parts makers are planning for potential bankruptcy filings, or are scrambling to avoid them, amid uncertainty about Washington's willingness to increase a $17.4 billion bailout plan for Detroit's Big Three automakers, the paper said. Production cuts at U.S. automakers are burning into the earnings and cash balances of their suppliers and, as the consumer slump deepens, some may not survive. General Motors Corp, Ford and Chrysler have slashed production as they strive to turn around their businesses, though government aid has removed some of their default risk, at least temporarily. (Reporting by Bijoy Koyitty in Bangalore; Editing by Ian Geoghegan

To: TH who wrote (100839)	1/26/2009 2:35:57 PM
From: Chispas	Respond to of 110194

GM cuts 2,000 US jobs as production slashed - January 26, 2009 General Motors announced plans Monday to cut 2,000 jobs at two US plants as it slashes production in the wake of a sharp drop in demand and amid a deepening recession. The cuts come as the cash-strapped automaker prepares to submit a long-term viability plan in exchange for obtaining billions in loans from the US government. GM's US sales fell 23 percent in 2008 while total industry sales fell 18 percent in the steepest annual decline in 29 years to levels not seen since 1992. The largest US automaker slashed production by 21 percent in the fourth quarter of 2008 and cut its first quarter production forecast by 53 percent. "Although we are bringing all our plants in North America back on line in the first quarter, many of those will have additional downtime in the first and second quarter," GM spokesman Susan Waun told AFP. The job cuts will come through the elimination of a shift at an Ohio sport utility plant and a Michigan car factory, Waun said. Nine of the automaker's 15 US plants and one plant in Canada will face weekly shutdowns but the breadth of the production cuts has not yet been determined, Waun said. "This is all done to align our production with market demand and we're obviously monitoring it very closely these days." The shifts will be eliminated in March and April. GM had 62,000 hourly and 29,500 salaried workers at the end of 2008. That is down dramatically from 105,000 hourly and 36,000 salaried workers in 2005, when GM began posting staggering losses which reached 72 billion dollars through the third quarter of last year. ................................................................................................................................................... rawstory.com