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GM, Chrysler, Ford face bankruptcy – GM and Chrysler planning merger to survive multi-decade global depression
Fred Day
Oct. 11, 2008
The deep and nasty global depression is finally here. I was warning our readers in India Daily for the last three years that the dooms day is coming. The biggest impact on the depression is on the auto industry.
General Motors Corp. is in preliminary talks with Cerberus Capital Management LP's Chrysler LLC about a possible merger or other partnership.
All the three auto manufacturers in US face bankruptcy in the next six months. Most like Government will take over Fords and GM-Chrysler merger will also move forward with Government’s deep cash infusion.
Combining GM, the biggest U.S. automaker, with No. 3 Chrysler would cement GM's global sales lead over Toyota Motor Corp. The money-losing Detroit companies are under pressure to boost cash as the credit crisis dries up loans for dealers and buyers, helping send U.S. auto sales to their lowest since 1991.
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