Mercedes-Benz
Mercedes-Benz is a German manufacturer of automobiles, buses, coaches, and trucks. It is currently a division of the parent company, Daimler AG (formerly DaimlerChrysler AG), after previously being owned by Daimler-Benz. Mercedes-Benz has its origins in Karl Benz’s creation of the first automobile in January 1886, and by Gottlieb Daimler and engineer Wilhelm Maybach’s conversion of a carriage by the addition of a petrol engine the same year. The Mercedes automobile was first marketed in 1901 by Daimler Motoren Gesellschaft. The first Mercedes-Benz brand name vehicles were produced in 1926, following the merger of Karl Benz’s and Gottlieb Daimler’s companies into the Daimler-Benz company. Mercedes-Benz has introduced many technological and safety innovations that have become common in other vehicles several years later. (more…)
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Mercedes-Benz
Monday, June 8th, 2009Confidence, Fascination and Responsibility
Monday, June 8th, 2009Shanghai, April 20, 2009 – Mercedes-Benz is set to fascinate Chinese audiences with a double breakthrough – a record-high of new model premieres along with an impressive lineup of 35 models – at the 13th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2009). The Shanghai Auto Show has become the largest auto show for Mercedes-Benz globally, and only comparable to Frankfurt Motor Show. Mercedes-Benz’s presentation comprises four world premieres, five Asia premieres and four first time debuts for China, along with a fleet of fascinating cars well presenting all brands from Mercedes family, namely Mercedes-Benz, Maybach, smart and Mercedes-AMG. (more…)
GM Will Ask Court Monday Tap Half Of Bankruptcy Loan
Monday, June 1st, 2009NEW YORK -(Dow Jones)- General Motors Corp. (GM) will ask a bankruptcy judge Monday for permission to tap about half the $33 billion in bankruptcy financing being provided by the U.S. and Canadian governments.
Harvey Miller, an attorney for the auto maker, said at a court hearing that GM has just $2 billion in cash and that it has an “urgent” need to access the government loan.
The $33 billion in aid from the U.S. and Canada is intended to support GM during what it hopes will be a quick trip through bankruptcy. It plans to sell the bulk of its assets to a new company controlled by the U.S.
GM was in court Monday afternoon for the first time since filing for bankruptcy to ask Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan to approve routine requests, known as first-day motions, intended to allow it to continue operating.
Gerber approved GM’s request to make payments to troubled “critical” parts makers while in bankruptcy through a U.S. Treasury program for troubled parts makers and its own supplier-aid initiative.
The auto maker feared a collapse of any of its core suppliers would lead to a costly work stoppage. Top-tier suppliers Visteon Corp. (VSTN) and Metaldyne Corp. filed for bankruptcy protection recently amid turmoil in the U.S. auto industry. GM’s main supplier, Delphi Corp. (DPHIQ), has been in bankruptcy for almost four years.
Separately, the U.S. Trustee’s office, an arm of the Justice Department that monitors bankruptcy proceedings, announced at Monday’s hearing that GM’s unsecured creditors are scheduled to meet Wednesday at 10 a.m. EDT in New York. At that meeting, a committee will be formed to represent the creditors during the bankruptcy case.
The bankruptcy loan requires GM to win court approval for the sale of its assets by July 10. The financing comes on top of about $20 billion in loans provided to the auto maker by the U.S. Treasury Department.
The auto maker’s cash levels are now well below the amount it would need to operate on its own. Without the $20 billion in U.S. government loans GM received, the picture would be far worse.
GM had more than $24 billion in liquidity at the end of the first quarter a year ago, as the company’s non-U.S. operations helped offset multi-billion dollar losses in North America. At the end of March, GM had $11.6 billion in liquidity that was largely offset by federal loans.