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	<title>-GM Bailout- &#187; GM Canada</title>
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	<description>Frank discussion on the crisis facing the automotive industry</description>
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		<title>GM Canada&#8217;s Restructuring Plan on Right Track</title>
		<link>http://www.gmbailout.com/2009/02/23/gm-canadas-restructuring-plan-on-right-track/</link>
		<comments>http://www.gmbailout.com/2009/02/23/gm-canadas-restructuring-plan-on-right-track/#comments</comments>
		<pubDate>Mon, 23 Feb 2009 18:58:07 +0000</pubDate>
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				<category><![CDATA[Chrysler bailout]]></category>
		<category><![CDATA[GM Bailout]]></category>
		<category><![CDATA[Canada GM]]></category>
		<category><![CDATA[GM Canada]]></category>

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		<description><![CDATA[The Industry Minister of Canada said GM Canada&#8217;s plan for viability, presented to the Canadian government last Friday, is on the right track but no decision will be issued yet on any emergency aid to the Canadian wing of the troubled American automaker.
The minister, Tony Clement, told the Canadian Broadcasting Corporation (CBC): &#8220;We have to [...]]]></description>
			<content:encoded><![CDATA[<p>The Industry Minister of Canada <a href="http://www.reuters.com/article/marketsNews/idUSN2333813220090223">said GM Canada&#8217;s plan for viability, presented to the Canadian government last Friday, is on the right track</a> but no decision will be issued yet on any emergency aid to the Canadian wing of the troubled American automaker.</p>
<p>The minister, Tony Clement, told the Canadian Broadcasting Corporation (CBC): <em>&#8220;We have to go through their numbers to see exactly what they have planned for the Canadian plants&#8230; but we&#8217;ve certainly got the skeletal structure of what they&#8217;re going to do.&#8221;</em></p>
<p>Chrysler Canada also submitted its own restructuring plan to the country&#8217;s government. At first, it turned in a copy of its plan it had submitted three days earlier to the United States government, explaining that it views the North American auto industry as fully integrated. Over the weekend, Chrysler gave further details on its specific plans for Canada. About 25% of Chrysler&#8217;s manufacturing is located in Canada, and the car company gave more details about how it will use its Ontario plants during its restructuring. GM and Chrysler are asking for bailouts from the Canadian government in proportion to the percentage of manufacturing they have in the country.</p>
<blockquote><p><em>&#8220;I think that they (GM and Chrysler) realize they are at the precipice of nonexistence as a sector, or at least a North American sector, and so I think they&#8217;re looking at this seriously. They&#8217;re coming forward with some serious plans and we&#8217;ll be evaluating them over the next few days.&#8221;</em> &#8212; Tony Clement, Canada&#8217;s Industry Minister</p></blockquote>
<p>Unlike their specific requests for American aid, GM and Chrysler did not give specific monetary requests in their reports to the Canadian government.</p>
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