Call it 'Government Motors'
What GM's bankruptcy filing means for America's auto industry, and for America
General Motors filed for Chapter 11 bankruptcy protection Monday morning, ending weeks of speculation. The filing was predicted since last week and was almost anti-climactic, given a weekend of news reports about how, and not whether, the restructuring would take place. It also means the federal government now owns a majority stake in GM.
It also set the stage of a series of changes at the nation's largest automaker. A new, leaner GM is expected to emerge from the bankruptcy, and Obama Administration officials said they wanted minimal involvement in the process. A Chief Restructuring Officer has been named, and the company will begin moving toward a quick emergence from bankruptcy, with one official suggesting that could occur in 60 to 90 days.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey