Cars
You might remember the fuss that was created last November after it was revealed that Detroit's Big Three CEOs flew into Washington to ask Congress for a few billion dollars in loans on separate luxury jets. Well, the "New GM" won't have any jets as the U.S. Bankruptcy court approved the automaker's request to cancel the leases on its fleet of seven private jets and a hangar that was used to store them at the Detroit Metropolitan Airport. The General's private fleet consisted of two range-topping Gulfstream V jets leased from Suntrust Leasing Corp. since 2001 and five Gulfstream IVs leased from AVN Air LLC since 2007. According to a report from Automotive News, the hanger alone cost GM $488,000 a year to rent. Yep, from now on, it's only commercial flights for GM's executives.
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Cars
D'oh! GM Eliminates Remaining Corporate Jet Fleet
You might remember the fuss that was created last November after it was revealed that Detroit's Big Three CEOs flew into Washington to ask Congress for a few billion dollars in loans on separate luxury jets. Well, the "New GM" won't have any jets as the U.S. Bankruptcy court approved the automaker's request to cancel the leases on its fleet of seven private jets and a hangar that was used to store them at the Detroit Metropolitan Airport. The General's private fleet consisted of two range-topping Gulfstream V jets leased from Suntrust Leasing Corp. since 2001 and five Gulfstream IVs leased from AVN Air LLC since 2007. According to a report from Automotive News, the hanger alone cost GM $488,000 a year to rent. Yep, from now on, it's only commercial flights for GM's executives.Via: AN (Sub. Req.)
- Bentley Will Build Seven Continental Gt Speeds Inspired By Breitling Jets
Bentley has announced it will build seven limited edition Continental GT Speed models, each inspired by one of the seven Breitling Jets. Read more »...
- Ford, Gm And Chrysler Seek $6.8 Billion Government Loan From Canada
Having already appealed to the U.S. Congress for an emergency bailout, Detroit's Big Three are now stretching their hands across the border to Canada seeking billions of dollars in loans and credit lines. Ford Motor Company delivered its plan to the...
- Ford Submits Plans To Congress: Mulally Ready To Accept $1 Salary, New Hybrid And Evs By 2012
Making a second bid for a $25 billion emergency bailout loan, Detroit's Big-Three are presenting Congress with plans today to restructure their struggling companies amid a global economic downturn. Ford Motor Company this morning submitted its business...
- Video: Congress Slaps Around Detroit's Big 3 Ceos On Bailout Package And Private Jets
This past week's Capitol Hill auto industry bailout hearing got a bit testy when Congressman Paul Kanjorski asked GM CEO Rick Wagoner how much money he'd need to keep the company afloat from now until March 30th. A follow-up question concerns...
- Congress To Detroit's Big 3: "show Us A Plan And We'll Show You The Money"
The U.S. Congress temporarily shut the door to Detroit's Big Three automakers request for a $25 billion emergency loan saying company CEOs have yet to make a case for the aid. Democratic leaders told General Motors, Ford and Chrysler LLC to "get their...