Toyota Motor Corp. plans to shut down production

Washington -- Toyota Motor Corp. plans to shut down production again at two U.S. plants as it copes with the fallout from safety recalls....More

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Chrysler plans for future Ram after Dakota

One future product idea that has survived the transition from bankrupt Chrysler to the new Chrysler Group LLC is a unibody pickup to replace the Dodge Dakota, which will be discontinued in 2011.---...More

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Magna plans factory at former Chrysler site

The Detroit News
Highland Park -- The site of the former Chrysler Corp. headquarters could soon be revived with a new automotive components plant.

Officials from Magna International Inc., North America's largest auto supplier, are scheduled to appear today before the Michigan Economic Growth Authority to secure tax incentives for an automotive seating facility at the site, officials confirmed Monday.

Plans are still pending approval from the state and officials, but the plant could create about 400 jobs, said Dennis Niemiec, a spokesman for Wayne County Executive Robert Ficano, who helped develop the deal.

"Mr. Ficano has been working a long time trying to get an auto facility in Wayne County," Niemiec said.

Niemiec said Ficano had been working with Magna International officials for at least the last five years to pursue a possible venture.

Representatives for Magna International, which is based in Aurora, Ontario, and has offices in Troy as well as operations in about 25 countries, could not be immediately reached for comment Monday night.

A number of projects were examined but an automotive plant "was always in the discussion," Niemiec said.

In 2005, officials approved a horse racing license requested by Toronto-based Magna Entertainment Corp., which is at least partly funded by rents and fees from Magna International plants.

Magna had proposed a $100 million, Las Vegas-style entertainment complex on 212 acres at Interstate 94 and Vining near Detroit Metropolitan Airport that was to create 1,000 jobs....More

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Chrysler Bankruptcy News:Analysts Say Carmakers' plans need more time

From Detnews.Com
March 31 deadline too soon to get bondholders on board with Chrysler, GM changes, they say.
Alisa Priddle and David Shepardson / The Detroit News
As General Motors Corp. and Chrysler LLC are scurrying to put the finishing touches on their restructuring plans due next Tuesday to the Treasury, finance and auto industry experts say submitting plans is one thing, but getting bondholders and all other parties involved in a massive restructuring to agree to those plans by the March 31 deadline seems unrealistic.

Meanwhile, GM CEO Rick Wagoner lobbies key lawmakers in Washington today to ease the way for GM's plan.

"I wouldn't be surprised if the timetable got extended, because clearly the original plan was a temporary fix," said Mark Oline, a Fitch Ratings analyst in Chicago. "It was going to be up to the new Congress and Administration to put in a longer-term solution."

Auto analysts and bankruptcy lawyers say the deadline set out in the federal bailout of the automakers is too ambitious to get bondholders on board in just a few more weeks. They say GM in particular needs an extension to avoid being forced into bankruptcy if it can't show progress on its assignment to cut $27.5 billion of unsecured debt down to about $9.2 billion by the end of March.

The concern centers around GM because the public company has many junk bonds and unsecured creditors, said Judy O'Neill, partner with Foley & Lardner LLP's Detroit office and an expert on Chapter 11 bankruptcy....More

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