The world’s largest car maker until its fall from the top spot last year, Detroit-based GM filed Chapter 11 bankruptcy reorganization this morning; it is expected to successfully emerge a more competitive company. GM's less profitable brands like Saab and Saturn will be sold or liquidated, and the Wall Street Journal reported yesterday that it is closing on the sale of its Hummer brand. GM also plans to eliminate Pontiac.
Officials at Courtesy Automotive Group and Service Chevrolet, Lafayette's two GM dealerships, could not be reached for comment this morning. Courtesy is the state’s No. 1 seller for Pontiac, GMC and Buick brands, and Service is tops in the state for Chevrolet sales. These dealerships are suffering from declining sales related to the national recession, though they have weathered the downturn much better than most of their counterparts across the country.
Bloomberg reported today:
GM reported $82.3 billion in assets and $172.8 billion in debt. The U.S. government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The U.S. plans to convert much of its $50 billion of loans to a 60 percent stake in the new entity. Today’s filing in New York coincides with a deadline for GM to convince a government auto task force that it could reorganize out of court through debt and cost cutting.
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Three-unit modern townhomes or four bedroom traditional home
Men's store now carrying women's clothing
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Justin Stelly adds zest to his Saint Street kitchen in this third installment of filmmaker Stephen Meaux’s food documentary series.
Over the last four days of the trial against attorney Daniel Stanford, there’s been one notable absence from Judge Elizabeth Foote’s courtroom: attorney Bill Goode.
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U.S. Rep. Vance McAllister started his sign-up for re-election the same as other candidates, filling out paperwork and handing over qualifying money. But he finished it like no other, doused with ice.
Acadiana's nightlife guide.
Friday's Blogs from the Bog!
Jell-o sales plummet; Hamas kills suspected informers; bodies arrive in Malaysia and more national and international news for Friday, August 22, 2014.
That’s what Lafayette Parish has obtained in Pentagon surplus since 2006.
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Local 101 class Friday
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Acadiana's nightlife guide.
Two bedroom Acadian condo or three bedroom ranch style home
The political tilt of the Senate during President Barack Obama's final two years in office is likely to hinge on a handful of female contenders in tight and costly races.
A former BP executive will be allowed to travel to the United Kingdom later this month while he awaits trial on charges relating to an investigation of the 2010 Gulf oil spill.
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Corned beef, melty cheese and rye bread ready for your lunchtime breakaway
Friends and family will celebrate Spider's life in September.
Saints safety Jairus Byrd has rarely been so eager to hit and be hit, if only to reassure himself that his surgically repaired back is as healed as doctors believe.
Jindal privatized nearly all the LSU hospitals without waiting for federal officials to sign off on financing arrangements that rely on millions of federal Medicaid dollars.
U.S. Sen. Mary Landrieu and her main Republican challenger, Congressman Bill Cassidy, verbally sparred as they officially signed up on the opening day of qualifying for Louisiana's November election.
Superintendent tells crowd he'd just emerged from a four-hour meeting with the attorney hired to investigate him.
A hint of game day glam