Big Three Sale

05th December 2008

Roll up, roll up! America’s ‘big three’ – GM, Ford and Chrysler – are selling assets to try to avoid bankruptcy. The firms’ bosses went to the US Government in search of .9billion in loans.

Ford’s Alan Mulally, GM’s Rick Wagoner and Chrysler’s Bob Nardelli have agreed to sell private jets and work for a year to persuade senators to bail them out! GM is believed to be selling its HQ in Detroit, plus vacant manufacturing buildings in Europe, to raise bn. It may also offload Saab, Suzuki, Pontiac and Saturn.

Experts suggest that, without help, GM will be insolvent by Christmas. Meanwhile, Ford plans to sell Volvo, and has already dropped its 0million stake in Mazda. The blue oval still needs a bn loan to be profitable by 2010. And Chrysler owner Cerebrus wants .2bn from previous parent Daimler to compensate for mismanagement at the brand when it took over.