The Chrysler bankruptcy is like a test drive for General Motors. The struggling U.S. automaker is surviving on $15.4 billion in government loans and is under pressure from the government to restructure its debt and make concessions with the union by June 1 or face bankruptcy.
GM talking to Renault for potential sale, Geely bids for Saturn: According to a report by the Wall Street Journal, General Motors’ talks with selling Saturn to Renault SA, giving the French automaker a “launching pad for growth in North America.” The report also said that Geely Automobile Holdings Ltd. has put out a bid to buy Saab. – WSJ
Ferrari opens up a new store in London: Ferrari opened up a new 5,705 square-foot store in London. The company opened the store on Wednesday with a ribbon-cutting by Formula One driver Kimi Raikkonen. – AutoWeek
GM plans to wipe out current shareholder: In a plan released to the U.S. government yesterday, GM said that it plans to wipe out the holdings of remaining shareholders by issuing up to 60 million new shares in a move to pay off debt to the U.S. Treasury, bondholders and the UAW. – Reuters
F1 Chief Max Mosley’s son found dead: Formula 1 chief Max Mosley’s son was found dead in his home in Notting Hill. Reports suggest that Alexander Mosley’s death is related to drug overdose. – Inside Line
– By: Omar Rana