Wednesday, November 15, 2006
Well this week further exemplifies the continued FAILURE of "Red Ink Rick". As the Board of Bystanders continues in their deep sleep, Wagoner and Company waste untold millions giving the farm away to investment bankers while unabatedly persuing their SAAB strategy, namely "Selling Assets And Borrowing"...
GM reaches deal to sell Desert Proving Ground
The Arizona Republic
Nov. 10, 2006 05:25 PM
General Motors announced Friday that they have reached an agreement to sell the General Motors Desert Proving Ground in southeast Mesa.
There will be a three-year transition in which time GM can continue its operations before relinquishing the property to its new owner. GM has been testing vehicles at the property since 1953.
J.P. Morgan, Credit Suisse Arrange $1.5 Billion Facility for GM
Tuesday, November 14, 2006
General Motors Corp. announced its plan to execute a $1.5 billion senior secured term loan facility with a seven-year maturity.
J.P. Morgan Securities and Credit Suisse Securities are the arrangers of the facility, and JPMorgan Chase Bank is the administrative agent.
GM anticipates that the execution of this facility will be completed by year-end. Completion of the transaction is subject to final documentation and other conditions, and there is no assurance regarding timing or successful completion of the transaction.
This facility is intended to further enhance GM's liquidity position and take advantage of robust market conditions. GM's ability under some of its existing bond indentures to pledge U.S. property, plant and equipment is likely to be affected in the future by new rules applicable to pension and OPEB accounting, which could cause GM's shareholders' equity in its year-end 2006 financial statements to be negative.
Under the proposed terms, the lenders under the facility will receive a first priority security interest in machinery and equipment and special tools located at GM's U.S. manufacturing facilities.