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Good morning Chris and -- you're mentioning -- Chrysler it's the negotiations involving the secured debt holders.
-- GM it's also about that and it's about Pontiac at 9 AM this morning the CEO Fritz Henderson.
Expected to finally make it official that the historic and storied 83 year old Pontiac division is going to be shut down.
This after Pontiac which peaked in sales in the 1970s.
Saw sales drop dramatically just around 260000.
Last year but the other announcement expected today is the formal offer from General Motors through its debt holders.
-- -- On how to deal with the 28 billion dollars roughly in -- that it has the US government.
Wants GM to cut that by about two thirds and everybody is expecting an equity popped the question is.
We'll be an all out equity swap is -- going to offer few cents on the dollar we expect to get details on that in addition to the announcement about Pontiac.
Reporters that as well auto makers who -- involved in this industry will be looking here.
What are GM's plans -- -- Saturn and Hummer division and also there's any insight into the potential plant -- majority stake.
In Opel GM's.
Division in Europe they want to sell a portion of that.
-- -- So that's the news that's coming out of General Motors headquarters here in Detroit the others.
Story is going to be if there will be announcements of more layoffs as well with more plant closings there facilities throughout the midwest which employ thousands of to be blunt thinking of the Lordstown factory just outside young -- -- -- make the Chevy cobalt.
A lot of people will be watching this as GM prepares to restructure as it faces its own deadline of June 1.
Alexis back to you.
All right -- -- and the -- -- you guys go I've got questions for teaching you Chris let me go back to you I'm sorry -- I think we've lost Chris on the up on the Chrysler ended this.
But but Adam on the GM and did this so let's clarify for people watching right now.
What will the future General Motors look like what will the form remaining labels be and do we know at this time.
Whether or not the cars that will be obsolete or sold off whether or not if they're sold in dealerships.
At this point -- going forward will there be any warranties on those car.
You know that's a question that's a great question first the new General Motors the much smaller General Motors will consist of Cadillac.
GMC and US.
As for the cars that are sold it's -- to to you by AF Pontiac G six very popular car.
If you purchase that -- the US government has already said.
That it will guarantee the warranty on that are going forward should General Motors lined up in bankruptcy to one of the questions that if we don't -- to the -- got -- 9 AM.
We will ask mr.
Henderson when we interview him during the 105211.
-- -- time period.
We'll ask them what happens to the warranties assuming GM avoids bankruptcy by -- Abaya Pontiac I happen to have a Saturn.
What kind of warranty coverage but I have presumably since General Motors in a best case scenario we'll still be in business those warranties would still be good Alexis.
All right at a -- and you'll be continued to speak with you throughout the morning thank you very much for bringing us up to date.
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