Bernie's Feed
Jul 18, 2013

Detroit may file for bankruptcy as early as Friday: report

DETROIT (Reuters) – The city of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, the Detroit Free Press reported on Thursday, citing several unnamed sources.

Bankruptcy lawyers and restructuring experts who are following Detroit’s financial struggles say the city’s hand may be forced by lawsuits filed in state court by municipal employees, retirees and pension funds that challenge its right to file for bankruptcy.

Jul 3, 2013

Chrysler recalls 840,000 vehicles, mostly in U.S.

DETROIT (Reuters) – Chrysler Group LLC (FIA.MI: Quote, Profile, Research, Stock Buzz) said on Wednesday it will recall 840,000 vehicles in the United States and other countries, mostly for active-restraint head rests that are possibly flawed.

Five separate recalls include nearly 500,000 cars and SUVs for the active-restaint head rest issue, and another 282,000 minivans for possible malfunctioning air bags, Chrysler said.

Jul 2, 2013

Trucks lift U.S. auto sales to best month since 2007

DETROIT, July 2 (Reuters) – Sales of brawny pickup trucks
fueled strong demand for new vehicles in the United States in
June, driving the industry toward its strongest month since late
2007, before the financial crisis that drove General Motors Co
and Chrysler into bankruptcy.

GM and Ford Motor Co posted stronger-than-expected
sales on Tuesday, and Chrysler Group’s sales met analysts’
expectations as the improving U.S. housing market led to surging
demand for full-size pickups at all the U.S. automakers. Toyota
Motor Corp also reported surprisingly strong June U.S.
sales.

Jul 2, 2013

Demand for big pickup trucks fuels June U.S. auto sales

DETROIT, July 2 (Reuters) – Sales of big, brawny pickup
trucks fueled strong demand for new vehicles in the United
States in June, driving the industry toward its strongest month
since before the recession that drove General Motors Co
and Chrysler into bankruptcy.

GM and Ford Motor Co posted stronger-than-expected
sales, and Chrysler Group’s sales met analysts’ expectations as
the improving U.S. housing market led to surging demand for
full-size pickups at all the U.S. automakers. Toyota Motor Corp
also reported surprisingly strong U.S. sales.

Jun 28, 2013

Ford, Chrysler counter GM with new V6 pickups for 2014

DETROIT, June 28 (Reuters) – The battle in six-cylinder
pickups takes an interesting twist this fall with the launch of
the 2014 Ford F-150 Tremor and the 2014 Ram 1500 EcoDiesel.

Both trucks feature turbocharged V6 engines, but take
different approaches to reach different segments of the
full-size pickup audience.

Jun 27, 2013

Detroit faces exodus of police, firefighters

DETROIT (Reuters) – After years of pay cuts and reduction in their ranks, Detroit police officers and firefighters in the next week face a tough decision: Retire now or put their careers in the hands of Detroit emergency manager Kevyn Orr, who has the power to unilaterally cut their pay and benefits.

At least several dozen police officers and firefighters will retire early as they try to lock in benefits before Orr imposes new labor contracts, union officials told Reuters.

Jun 19, 2013

General Motors leads J.D. Power initial quality survey

DETROIT, June 19 (Reuters) – General Motors Co.
vehicles won eight awards in the annual J.D. Power & Associates
survey of initial quality, a marked improvement since the
largest American automaker turned itself around after a 2009
bankruptcy.

GM cars and trucks won eight top prizes as the best vehicles
in their segments of the U.S. auto market.

Jun 19, 2013

Tesla recalls some Model S cars due to seat-mount defect

By Bernie Woodall

(Reuters) – Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat.

The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in all the cars built during this time period.

Jun 18, 2013

Chrysler relents, to recall 2.7 mln Jeeps over fuel tanks

DETROIT, June 18 (Reuters) – Chrysler Group LLC said it
would recall 2.7 million older Jeep models after initially
fighting a recall request from U.S. regulators in a dispute over
crash protection for their fuel tanks.

The recall will affect Jeep Grand Cherokee SUVs from model
years 1993 to 2004 and Jeep Liberty SUVs from 2002 to 2007.

Jun 14, 2013

Detroit defaults on some debt to avoid bankruptcy filing

DETROIT (Reuters) – Detroit defaulted on some debt on Friday and proposed most creditors receive just pennies on the dollar owed by the “insolvent” city in order to avoid the largest municipal bankruptcy filing in U.S. history.

In a forceful opening salvo of negotiations with holders of as much as $18.5 billion of debt, Detroit Emergency Manager Kevyn Orr announced a moratorium on some principal and interest payments, including one due on Friday.