Holden is safe despite GM's woes

AAP - May 31, 2009 05:05pm

http://www.news.com.au/business/story/...

THE Australian Federal Government is optimistic car manufacturer Holden will be "safe", even as its parent General Motors (GM) faces the prospect of bankruptcy in the US.

Industry Minister Kim Carr predicts the Australian-based operations will weather the storm buffeting its owner.

"I remain very optimistic that Holden will weather the global financial storm and emerge stronger," he said.

Senator Carr said recent restructuring had made the company able to withstand whatever happened overseas.

"Holden has already undergone significant restructuring," he said.

"The cooperative efforts of management, workers and the Australian government have put the company in a good position to deal with whatever General Motors may announce in the coming days.

"I expect that Holden will be safe even if General Motors do go in Chapter 11 bankruptcy.

"It is important to remember that Chapter 11 bankruptcy in the US is very different to bankruptcy in Australia. It does not mean GM is being liquidated or is going out of business."

Earlier this month, Holden announced it would switch to a single shift at its assembly operations in Adelaide, helping to save workers' jobs and the facility survive the global economic downturn.

Senator Carr says the production of a new four-cylinder vehicle in Australia means Holden is a relatively high priority in GM's global operations.

"GM's February restructure statement noted that Holden Australia was seen as 'viable' due to Australian government support for the new four-cylinder fuel-efficient car," he said.

Well this is good news. I'd hate to see Holden be dragged down by this mess, and I hope they get the opportunity to send some more of their products here.

Think so ???

...honestly, I don't think ANYONE is safe in this mess.

Chris

I wonder if they can be picked up by Magna.

Think so ???

Hope so. Would be a damn shame, wouldn't it?

Well this is good news. I'd hate to see Holden be dragged down by this mess, and I hope they get the opportunity to send some more of their products here.

I hope so too.

They are the last chance I have to get what I want out of GM.

Holden has put up a statement and FAQ about the situation on their news page:

http://www.holden.com.au/corporate/news

A summary snippet from the above:

• Holden to be part of New GM;
• Holden not included in US filing under chapter 11;
• No direct impact on local design, engineering and manufacturing operations;
• Technology improvements to best-selling Commodore, introduction of second carline remain on track;
• No changes to Holden employees and supplier payment arrangements; and
• No changes to Holden dealer and warranty arrangements

Holden has put up a statement and FAQ about the situation on their news page:

http://www.holden.com.au/corporate/news

A summary snippet from the above:

• Holden to be part of New GM;
• Holden not included in US filing under chapter 11;
• No direct impact on local design, engineering and manufacturing operations;
• Technology improvements to best-selling Commodore, introduction of second carline remain on track;
• No changes to Holden employees and supplier payment arrangements; and
• No changes to Holden dealer and warranty arrangements

Good news keeps on getting better. All the negative nannies note, GM will be back and back big time.

This really pleases me, Holden is key in any GM future that's worth a $h!.

Good news keeps on getting better. All the negative nannies note, GM will be back and back big time.

Amen. Watch out in about 5 years.

Chris

Think so ???

Don't you have another company to ruin?

Don't you have another company to ruin?

What a low blow...Hopefully the "New GM" isn't as ignorant or immature as some of this site's members. Chapter 7 would be around the corner.