モーター 巨大（な） GM veers に向かって the abyss

By Karl West
Updated: 07:55 BST, 27 May 2009

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General モーターs was last night teetering on the brink of 破産, 脅すing to become America's largest ever 産業の company to go 破産した／（警察が）手入れする.

Flagging: General モーターs used to 布告する that what was good for the 会社／堅い was good for the US.

The group appeared doomed after it failed to 説得する bondholders to 受託する a 負債 再編成 一括.

It needed to 安全な・保証する the support of 90% of its bondholders if it was to stay afloat.

大統領 Barack Obama's 行政 has given GM until June 1 to come up with a 過激な 生き残り 計画（する） to 精密検査する its 操作／手術s and 取り組む its 手足を不自由にする／（物事を）損なうing 負債s. さもなければ, GM 直面するs 存在 押し進めるd into 一時期／支部 11 破産 訴訟／進行s.

A cornerstone of the 計画（する） was to 納得させる bondholders to 交流 $27bn of GM's 社債 負債 for new 株 in the group that would give the 負債 投資家s about 10pc of a 再編するd GM.

The bondholders had until midnight last night to make their final 決定／判定勝ち（する） on the 申し込む／申し出. But by yesterday afternoon, the company only had 'low 選び出す／独身 digit' 支援.

Pete Hastings, a credit 分析家 at Morgan Keegan, said: 'I would say this is a sound 拒絶 of an unsuitable 申し込む／申し出.

'I have been 説 for some time that this thing was dead on arrival and we were just waiting for the doctor to pronounce it dead. Now that's happened.' 株 of GM, which the car 巨大（な） has 警告するd could be worthless in the event of a 破産, 急落（する），激減（する）d by as much as 14% on news of the feeble 利益／興味 in the 取引，協定 for bondholders.

A GM 失敗, although ますます 必然的な, will be a 批判的な 失望 for the car 巨大（な） that was once considered the 基準-持参人払いの of US 製造業の.

Its 落ちる from grace is even more painfully 最高潮の場面d by the popular 1950s advert that 布告するd-What's good for General モーターs is good for the USA.' The group - one of Detroit's big three along with Ford and Chrysler - has struggled to 対処する with the savage 下降 in car sales.

The 経済的な 炉心溶融 laid 明らかにする the 証拠不十分 of GM's outdated 大臣の地位 of gas guzzling cars and 4x4s.

The group couldn't compete with lower-cost 競争相手s because it had a 井戸／弁護士席-paid and 高度に organised 全労働人口.

公式の／役人s at the 部隊d 自動車 労働者s' union are 始める，決める to hear how many US 職業s GM is cutting as part of its 再編成.

Union 公式の／役人s are also 予定 to 会合，会う to 準備する for Thursday's 投票（する） on a cost- cutting 労働 取引，協定. This would change 支払い（額） 条件 on $20bn 借りがあるd by GM to a UAW 信用 基金.

GM has been 手渡すd $19.4bn in 政府 基金ing since the start of the year, and last week said it 推定する／予想するd it would need another $7.6bn after June 1.

Germans to 指名する 入札者 for Vauxhall

The 未来 of Vauxhall's 5,000-strong British 全労働人口 will be decided by the German 政府 today as it 明らかにする／漏らすs its choice of 入札者 for Vauxhall/Opel.

US car 巨大（な） General モーターs is 試みる／企てるing to sell a 大多数 火刑／賭ける in its European arm as it 長，率いるs に向かって a June 1 再編成 最終期限 that could see it 押し進めるd into 一時期／支部 11 破産 保護.

Germany last night 勧めるd the three 入札者s for GM Europe to 改善する their 申し込む／申し出s. Italy's Fiat, Canadian car-parts 製造者 Magna, and 財政上の 投資家 RHJ International will find out later today which one of them has been given the nod.

The suitors were told they needed to take on more 危険 and give その上の かかわり合いs to 保存する 職業s and factories.

Fiat 長，指導者 Sergio Marchionne made a lastditch 押し進める to 納得させる the Germans to 支援する his 企て，努力，提案 in a 一連の 会合s yesterday morning with （ドイツなどの）首相／（大学の）学長 Angela Merkel and economy 大臣 Karl-Theodor zu Guttenberg.

Guttenberg said the Italian carmaker's 申し込む／申し出 looked serious, but 追加するd: 'There's no favourite. Everyone knows that 改良s are still necessary.'

Any new owner is 確かな to 器具／実施する 職業 削減（する）s and 工場／植物 終結s ーするために 削除する running co sts. It is thought Magna and RHJ are 提案するing to axe 10,000 地位，任命するs. 貿易（する） union 部隊 恐れるs that Vauxhall and its 全労働人口 could be sacrificed if the British 政府 continues to take a 支援する seat in the 交渉s.

A 広報担当者 for the 部隊 union said: 'Those 政府s that are around the （米）棚上げする／（英）提議する fighting for their car 産業s are the ones that will have a 維持できる car 産業 in years to come.'

Vauxhall 雇うs over 5,000 in the UK. Most of whom work at its two 工場／植物s in Luton and Ellesmere Port, Cheshire.