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US sales - not so doom according to GM

Tue, 04 Mar 2008 17:49:29 +0100

During a meeting in Geneva, General Motors Corp Chief Executive Rick Wagoner said that U.S. auto sales have been weak in the first two months of the year but have not approached the extremes of some forecasts.

Dana will exit from Chapter 11 on Jan 08

Thu, 13 Dec 2007 16:04:48 +0100

A federal court on Wednesday confirmed Dana Corp.'s Chapter 11 reorganization plan, paving the way for the auto-parts supplier to emerge from bankruptcy by the end of January. The U.S. Bankruptcy Court in Manhattan approved the plan, which will repay Dana's unsecured creditors between 72 cents and 86 cents for every dollar of the $3 billion they're owed. The company said 96 percent of its unsecured creditors voted in favor of the reorganization plan.

Dana, the asbestos trial

Mon, 19 Nov 2007 15:33:20 +0100

Dana Corp ., the bankrupt maker of car parts, won court approval to pay as much as $2 million to settle about 7,500 personal-injury lawsuits related to automotive gaskets it made that contained asbestos. "This is indeed very beneficial to the estate, it resolves a very large number of claims," and opens the door for other asbestos claimants to seek similar settlements, a New York Judge said.

GM-UAW agreement signed

Thu, 27 Sep 2007 08:54:37 +0100

Strike signs are no longer needed at GM sites in Michigan, both workers and GM management worked out what seems to be an historic pact. General Motors Corp. took a giant step toward narrowing the competitive gap with Japanese automakers by agreeing Wednesday 26 Sept. to a historic, cost-cutting contract with the United Auto Workers.

Dana CEO won't face investor fraud lawsuit

Wed, 22 Aug 2007 15:41:39 +0100

CEO Michael Burns and former finance chief Robert C. Richter won't have to face a shareholder lawsuit accusing them of securities fraud, a judge ruled.

First round of Land Rover an Jaguar Sale

Thu, 19 Jul 2007 11:09:33 +0100

According to sources closed to Ford top executives, today is the first day of the sale process. Blue Oval people made it clear to the Private Equity players that they cannot have a free-ride, Ford wants clear committment that no plant has to be closed in the UK. . But what is at stake? Ford is expecting al least 8 billion USD, here are the details:

Dana, the new episodes of the saga

Fri, 13 Jul 2007 00:29:48 +0100

Dana’s move to establish a voluntary employee beneficiary association “VEBA” to handle retiree health and disability benefits for union members has moved another step forward with two of its largest unions – United Steel Workers and United Auto Workers.

Appaloosa, ready for the final run

Mon, 02 Jul 2007 08:57:38 +0100

Appaloosa Management LP said it wants to enter into a confidentiality agreement with bankrupt car and truck parts maker Dana Corp. to determine whether its equity has value. Currently the stock is valued at around 2$ a share.

About the writers

Mon, 12 Jun 2006 00:13:28 +0100

This section has been created after brainstorming on our project with our international friends and colleagues, experts in the Automotive field: collecting news directly form abroad, like having a dedicated foreign correspondant :-) These pages will collect thier thoughs, their comments from such an incredible point of view: their home market. They are and located in:

James (Jim) Hendren, Detroit Area, USA (coordinator)
Wolfang Pfeiffer, Bonn, Germany
and others to be confirmed / announced shortly

New players are infuencing the market

Sun, 11 Jun 2006 23:57:01 +0100

Strong demand for smaller, gas-efficient vehicles is now being influenced by non-automotive companies. Bank of America, Timberland and Google now offer various cash incentives for the purchase of hybrid vehicles. The combined savings resulting from an existing $3,000 US federal tax credit, along with the company incentives, greatly reduces the out-of-pocket premium charged by the manufacturer for hybrids. One more small piece in the puzzle of changing vehicle demand mix. A sign of the times! Jim Hendren

US Auto Supplier Outlook Continues to be Uncertain

Sat, 10 Jun 2006 22:52:36 +0100

The future of the U.S auto supplier community appears to be more uncertain than ever and so does the outlook for its investors.

The reorganization outlook of Dana Corporation, Toledo, Ohio, operating under Chapter 11 reorganization since early March 2006, continues to get cloudier.

A recent decision by the US Bankruptcy Court in Manhattan to postpone a hearing on rules for trading of the stock and debt is seen as a setback to Carl Icahn’s effort to expand his position in the company’s bankruptcy reorganization.

According to other press reports, Brandes Investment Partners and QVT Financial, which together own approximately 11% of the company’s common stock, have requested that a committee be appointed to represent the interests of Dana shareholders.

While this is happening, the hedge fund, Appaloosa Management LP, is continuing its attempt to raise close to $1.8 billion to expand its position in Dana Corporation and another bankrupt supplier, Delphi Corporation.

Hopefully, the “long-term interests” of all of the relevant parties are considered as the reorganization process of this bedrock industry continues.

A sign of the times!
Jim Hendren

Voice-recognition as a standard device

Thu, 08 Jun 2006 20:38:20 +0100
As the 2007 models arrive, drivers will encounter a broader use of voice recognition commands which will improve the overall driving experience. Today, in approximately five million vehicles representing manufacturers such as Daimler Chrysler, Fiat, Ford, Nissan and Renault, speech applications apply to settings such as navigation, communications, as well as command and control. Interactive voice recognition technology is now a reality and will continue to play an expanding role as worldwide OEMs and suppliers attempt to meet consumer needs for electronic applications in their vehicles. Speech applications offer a safer and more natural communication between man and vehicle. As network-based services continue to evolve, new automotive systems and content involving speech commands will serve as a safe and user-friendly interface. A sign of the times! Jim Hendren

U.S. Auto Industry - A sign of the times?

Thu, 01 Jun 2006 01:00:00 +0100

Appaloosa, a hedge fund managed by David Tepper that specializes in distressed investments, is attempting to further expand its influence in the restructurings at both Delphi and Dana Corp.
Distressed asset investors, such as Tepper, buy large stakes in assets of companies either in distress or bankrupt with the ultimate goal of winning control of the company when it emerges. A sign of the times!
Jim Hendren