[经管营销]GMs Bankruptcy.pptVIP

* In 2008, the global financial crisis and the related credit crunch significantly impaired the automobile industry in the United States. By analysing the following two reports, we would like to take a closer look as to why these giant and once powerful businesses fell in the depth of bankruptcy. Para3 “The company has to reverse years of decline and start winning back US car buyers who have fled to competitors over the past several decades.” Para9 “GM had more than $70 billion in debt before filing for bankruptcy protection. But using bankruptcy to ditch most of $28 billion in bond debt, and getting the union and government to take an ownership stake in lieu of cash for their debt, wiped most of that away. GM emerges with $10.5 billion owed to the U.S. There is some other international debt, but the companys total debt load will be less than the $17 billion GM predicted before the bankruptcy filing, Henderson says.” Para9 “the then-CEOs of GM, Ford, and Chrysler came to testify in Washington, D.C., and found out that the government wouldnt be bailing them out.” Para10 “The Bush Administration gave a Band-Aid to GM and Chrysler in the form of a bridge loan to get them through to the early days of the Obama Administration.” Para11 “But Obama turned to other members of his political alliance for answers. From New York, he brought in investment banker Steve Rattner, a major fundraiser, to head the governments automotive task force. Rattner arrived on the job with the assumption that Chapter 11 bankruptcy was the right course for GM, and promptly sacked Wagoner when he demonstrated signs of resistance.” Para5 “The Japanese located in mostly southern and border states that were solidly anti-union. They hired younger, less expensive workers, and they created an entirely new relationship between management and labor.” Para2 “The company will have far less debt, fewer brands, and a leaner management team. GM also has a new chairman … and a new board to oversee the sweepin