GM looks to sell UK operations

[Joanne98]

General Motors (GM) said it would sell and lease back some of its non-manufacturing operations in Europe including Britain, as part of its efforts to raise cash quickly.

The company's European division has retained real estate agent Jones Lang LaSalle to help identify potential buyers. The company has the potential to raise about 257 million dollars (£167 million).

"Investigations are under way as to what would be viable," said Denis Chick, spokesman for GM's United Kingdom and Ireland division in an email.

According to Mr Chick, properties in the UK that could be sold include its headquarters in Luton, a parts warehouse in Luton and an engineering site in Millbrook, Bedfordshire.

GM has also delayed multiple projects, including new vehicles and engines, in order to cut costs. Earlier this month the company said it would sell its 3.02% stake in Suzuki Motors for 230 million dollars (£149 million).

Continued>>
http://www.walesonline.co.uk/news/uk-news/2008/11/28/gm-looks-to-sell-uk-operations-91466-22365509/

[Donnachaidh]

1. if they've got enough money to lease back those facilities

They don't NEED a bailout.

Leasebacks -- just another way to fudge on taxes.

[Idealism]

7. Wrong

GM burns through $1 billion per month between all their expenditures and lack of car sales. How will saving an xtra $257 million (if they can get that, most likely not in this bad market) be akin to a bailout?

[lib2DaBone]

2. GM Spends $60 Billion on Mexico Assembly Plants

...and I am supposed to feel sorry, how?

[samplegirl]

3. How about for the Union workers

there are not many Republican Union people. Why do people hate the working class?
These are good democratic jobs. Amazing people don't think the auto industry will affect them.
People have no idea how much the auto industry affects so many other jobs in this country (domino affect). Just ask even someone as trite as the Pizza shop owner up the street from GM here.
Union workers=Democrats plain and simple.

[we can do it]

4. Thank You- When Will People Get It? When Its Too Late?

[samplegirl]

5. Union workers get more democrats elected than anyone.

Why in the hell do they think REPUKES hate unions so much?

[samplegirl]

6. Hello fellow Ohioan!!!

Now I know why you understand! Union memebers vote and they've gotten more democrats elected than Democratic Underground.

[we can do it]

9. Hello!

I'm a retired (union) firefighter, and I wish people would look at the big picture- when union make workplaces safer and better paid everyone benefits.

[we can do it]

10. Union Members Get Out the Vote

We phone bank, canvass, whatever is necessary

[UP_4012]

8. By George! I've solved the mystery of their business plan!

It begins by paying a room full of morons exorbitant salaries, complete with platinum parachutes, even if the company is headed for disaster.
Next, you send the output from the room full of morons to engineers. Based on the input given to them (BUILD THE UGLIEST, HEAVIEST, LEAST EFFICIENT MONSTROSITIES, and BTW, announce a "green car" every once in a while to shut the hippies up) they design vehicles that are 1. Gigantic, 2. Fugly, 3. Get 20 MPG or less.
Next, they build them at their vast network of assembly plants, conveniently exported to Mexico, Canada, and Belgium, using parts from non-union plants in Canada and Belgium, and sometimes, a car will be made from one of the last UAW plants in the U.S., to perpetuate the "American" image.
Next, when sales from those unwanted vehicles drop more than 40%, increase production, sell off everything that is not nailed down, and lease your land away to be able to afford to keep this mess rolling.
Lastly, beg for government assistance while LAYING OFF AMERICANS, MOVING YOUR SHIT OVERSEAS, AND GENRALLY RUNNING YOUR COMPANY INTO THE GROUND.

In summary, sell off/layoff all assets while accumulating large sums of debt, and when push comes to shove, eat the Union workers first.