LANSING ? Gov. Jennifer Granholm said Tuesday that she will issue an executive order to cut the state's 2008-09 budget on May 5, but an agreement on what would be cut and by how much has still yet been reached. Granholm met into the early evening at her Capitol office with legislative leaders and Budget
DETROIT - General Motors Corp. outlined a revamped survival plan Monday that would trade the federal government majority ownership of the ailing automaker in exchange for another cash infusion of $11.6 billion. The plan includes an ambitious debt-swap offer that moves the auto maker closer to restructuring through the bankruptcy court, shedding bondholders, as well
DETROIT - The United Auto Workers union said Sunday night that a settlement agreement has been reached with Chrysler LLC, Fiat SpA and the U.S. Treasury Department, The Wall Street Journal Reported. The UAW called the deal a "concessionary agreement" that was painful, but meets the Obama administration's tough demands. The deal alters the agreement
ANN ARBOR - Nearly half of the entries in the spring 2009 Great Lakes Entrepreneur's Quest business-plan writing contest are in the Information Technology, Software, Web-based applications and electronic publishing categories, a review of the 175 teams shows. Alternative energy entries placed second with 34, following by New Products with 20, Life Sciences with 17,
DETROIT - The U.S. Treasury, in an escalating back-and-forth that may determine whether Chrysler LLC avoids liquidation, has quickly responded to Chrysler lenders that rejected an earlier Treasury bid to slash the car maker's debt. The Treasury now proposes that the banks and other lenders accept as payment 22 percent of the $6.9 billion they
DETROIT - General Motors Corp. plans to idle most its plants for about two months this summer as the company races to cut costs and production to keep pace with sinking demand, said a person familiar with the plan. The car maker typically closes its plants for a two-week summer vacation. A GM spokeswoman declined
LANSING - Banks that are owed millions of dollars by Chrysler Corporation are trying to force the automaker into bankruptcy, Gov. Jennifer Granholm said Wednesday, declaring the situation unacceptable. She told reporters the position of banks that were on the receiving end of billions of federal dollars to bail out the industry are threatening the
DETROIT - The negotiations over what happens at Chrysler are getting to be contentious. The Wall Street Journal reports that Chrysler's banks rejected the government's request that they slash the company's debt by 85 percent. No dice, say the bankers. They offer to cut that debt by only 35 percent, plus they want 40 percent
WASHINGTON - Computer spies, apparently from China, have broken into the Pentagon's $300 billion Joint Strike Fighter project - the Defense Department's costliest weapons program ever - according to current and former government officials familiar with the attacks. Similar incidents have also breached the Air Force's air-traffic-control system in recent months, these people told The
DETROIT - Chrysler could be headed for liquidation, the Wall Street Journal warns. It says the U.S. Treasury Department believes Chrysler's weak product line and lack of international presence means it's not worth saving. On top of that, Chrysler's secured lenders - the ones who would get paid first if the company goes out of