Two of the big three are set up the auction

Two of the "big three" are set up the auction. In the wake of the presentation of the restructuring plan of a Ford with liquidity sufficient for even a few quarters but requesting while an aid of 9 billion ("Les Echos" of December 3), General Motors (GM) and Chrysler were revised to increase their own requests for assistance to the Congress. In addition to its initial request for a loan of $ 12 billion relay to him "provide liquidity adequate up to December 31, 2009", on which he wishes to obtain an advance of 4 billion by end 2008, GM is now an additional 6 billion credit line "If the severe market decline persisted" or 18 billion in total. Taking into account the request of 7 billion of Chrysler is therefore a global envelope of 34 billion dollars to aid emergency (against 25 billion initially) that now call the "big three".

"I think there will be intervention." "Everyone would be penalized by a bankruptcy, including our economy and it is not an option," reiterated yesterday the President of the House of representatives, Nancy Pelosi, on the eve of the hearings of the patterns of the "big three" by the Congress. Everyone is not necessarily the same prognosis. According to the Wall Street Journal, the UAW Union leaders, who met yesterday to discuss a new revised downward, social agreement have already alerted some of their members of the possibility of placement of GM under the chapter 11 proceedings before Christmas. The influential Union yesterday made its contribution to the savings plan, indicating that he would postpone payments to cover health fund that it manages itself and suspend a fund to pay laid-off workers.

According to its "long-term restructuring plan", GM considered essential loan relay and the new line of credit "because of the severe decline of sales of the entire sector, largely related to the credit crunch and the level historically low consumer confidence". Chrysler sales still fell by 47 in November, worse than Ford ( 31) and GM ( 41). While Ford has indicated that he would use the credit line requested that where "continuation of the recession", GM and Chrysler are a matter of immediate survival.

Cap on hybrid cars

In addition to its refocusing on its four main brands (Chevrolet, Cadillac, Buick and GMC), with the introduction to the immediate study of the transfer of Saab, GM says ready to accelerate its efforts to reduce costs, decrease in its network of dealers and "consolidation of its assembly plants" to be "fully competitive to Toyota in 2012". Like Ford, who plans to invest $ 14 billion over seven years in the production of low consumption vehicles, GM insists widely on the acceleration of the transition to clean vehicles, with a goal of 15 hybrid models marketed in 2012 (against 6 today). The group, led by Rick Wagoner, also provides a drastic reduction in the workforce in the United States (96.000 jobs today 65,000 to 75,000 in 2012) and a decrease of almost half the level of its debt of 65 to 35.6 billion in four years. "The plan aims to achieve what would have been reached through bankruptcy proceedings", said, in this regard, the General Director of GM, Fritz Henderson.

Although Barack Obama has expressed its willingness to support a rescue plan, an option that made its way into the ranks of the Congress remains that of simplified bankruptcy proceedings ("prepackaged bankruptcy") for GM or Chrysler, which would allow them to avoid a placement extended under the provisions of Chapter 11. It is not certain that Congress can save all the "big three" of Detroit who find themselves on the same survival raft.