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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The Lafayette superintendent insists the budget is illegal and vows to fight on.
"I am not a scientist," Senate Republican Leader Mitch McConnell has said numerous times, a response that other members of his party have parroted.
The look of leather
1,595 rigs were exploring for oil and 332 for gas. A year ago there were 1,738 active rigs.
Republicans are running strong races against endangered Democratic incumbents in states such as North Carolina, Colorado, Arkansas, Louisiana and Alaska. Republicans are also looking to replace retiring Democrats in Iowa and West Virginia with a GOP lawmaker.
Historic three bedroom in Crowley or contemporary town house in Lafayette
Republican congressman Vance McAllister is trying to make up to Louisiana voters for getting too close to a married former employee.
You may not like all of “it,” but U.S. Sen. Mary Landrieu, unlike many of her colleagues, isn't sitting around twiddling her thumbs in Congress.
Acadiana's nightlife guide.
Saints safety Kenny Vaccaro says he "can't wait" to play against Green Bay quarterback Aaron Rodgers.
The heat keeps rising for Iberia Parish Sheriff Louis Ackal as a new slate of corruption allegations surfaced this week.
If opposing defenses sell out to stop the Packers' passing game, they risk being gashed by powerful running back Eddie Lacy, a New Orleans-area native.
At the horn the officiating crew trotted to the tunnel and left security personnel to clean up after them.
Friday's Blogs from the Bog!
Sign "ninjas" cleaning up clutter; NYC doctor positive for Ebola; Ferguson grand jury decision nears; and more national and international news for Friday, October 24, 2014.
We can safely assume incumbent Chief K.P. Gibson isn’t too worried about this challenger.
Nationally, Republicans must gain six seats to win Senate control. The most competitive races, many in states where Obama lost in 2012, remain too close to call.
The Baton Rouge Republican has repeatedly battled a perception within his own party that he perhaps wasn't the best choice to carry the GOP banner.
Hot style for fans (and beyond)
Four bedroom Acadian or three bedroom traditional
Prestigious honor annually recognizes a single attorney for excellence in public interest/pro bono work.
Acadiana's nightlife guide.
"I have never seen anyone who worked harder for our people than Sen. Mary Landrieu, so I would like to share a synopsis of a few of the many things she has done to help Louisiana."
Even if Jimmy Graham's production dips while the star tight end recovers from a shoulder injury, it looks like Drew Brees won't have much trouble finding other targets.
A former campaign manager for Senate candidate Rob Maness is striking at the Republican contender's tea party support, saying Maness only sought to appeal to conservative organizations because he needed money for his campaign.
Ninety-two percent of public school teachers were rated either effective or highly effective in a report the state issued marking the second year of a new statewide evaluation process.
School board members Mark Babineaux, Hunter Beasley and Tehmi Chassion can vote to fire Cooper — because we all know that’s exactly what they’ll do.
District 2 school board candidate Simon Mahan is hoping to unseat first-term incumbent and former Carencro Mayor Tommy Angelle in the Nov. 4 election.
District Attorney Mike Harson is showing his desperation by falsely attributing quotes to his opponent and blocking journalists from his social media.
Three bedroom Acadian or a two bedroom town home