On Friday, General Motors announced the sale of its Class A Membership Interest in Delphi Automotive LLP back to Delphi for $3.8 billion. GM acquired the Class A Membership Interest in October 2009 in conjunction with the creation of Delphi. "We are systematically delivering on our commitment to strengthen and simplify our balance sheet," said […] [Read More]

The ongoing legal proceedings connected with the bankruptcy of the old General Motors took another step last week as the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the second amended joint Chapter 11 Plan of Motors Liquidation Co. Officials indicated the confirmation also stipulates all the conditions to […] [Read More]

Ally Financial took the first step toward an initial public offering Thursday by filing a registration statement with the U.S. Securities and Exchange Commission. This comes after several years of challenges for the company. The former General Motors captive saw its majority ownership stake sold off in 2006 as the automaker strove to improve its […] [Read More]

Could Chrysler’s initial public offering be delayed? At least one report coming out of Fiat’s annual shareholders meeting has top executive Sergio Marchionne saying as much. During the shareholders meeting, he apparently told reporters that the IPO would be dependent upon the cash needs of Chrysler and the United Auto Workers health care trust. The […] [Read More]

On Tuesday, Hertz Global Holdings announced the sale of 50 million shares of common stock by the investment funds associated with Clayton, Dubilier & Rice LLC, The Carlyle Group and Bank of America Merrill Lynch that currently hold shares of common stock to Goldman, Sachs & Co. as the sole underwriter in the registered public […] [Read More]

The executive committee of the California Association of Collectors accepted the resignation of president Jerry Greenblatt so he could focus on his health. The association mentioned Greenblatt has faced a number of health challenges in recent years and most recently suffered a stroke. Officials described Greenblatt as a champion of the association within the state […] [Read More]

As fuel costs climb, American Recovery Association leaders concede repossession agencies are “being dragged to the alligator pits under the weight of the recent fuel price increases.” As a result, ARA insisted it has been researching various fuel surcharge formulas since February that could be applied to the association’s business model. “Although it may not […] [Read More]

Along with entering a new credit facility, Dealer Services Corp. of Indiana recently consummated the offering of $252.2 million of asset-backed securities due in 2014. Company officials explained the securities — issued through DSC Floorplan Master Owner Trust — are composed of $225 million of senior-secured notes and $27.2 million of subordinate-secured notes. They mentioned […] [Read More]

General Motors revealed on Tuesday evening that it will be selling the entirety of shares of Fixed Rate Perpetual Preferred Stock, Series A in Ally Financial. These will be sold in a public offering and have been priced at $1 billion. The shares compose the entire lot of Ally Series A preferred stock outstanding, GM […] [Read More]

Hertz Global Holdings recently announced its wholly owned subsidiaries, Hertz Corp. and Hertz Equipment Rental Corp., have completed the refinancing of their existing senior secured credit facilities. They have come under a new $1.8 billion asset-based revolving credit facility and a new $1.6 billion senior secured term loan and letter of credit facility. Hertz indicated […] [Read More]