There are still some details that have yet to be released, but the news that Delphi Corp., General Motors and an investment group have agreed on a revised plan to emerge from bankruptcy is great for Western New York.
With Delphi and GM as major players in Western New York’s economy, we were happy when the initial agreement was announced, but now the word is that there will be $5.2 billion in financing to help make this possible.
The exit financing is actually lower than what was originally planned, but GM and Delphi are still optimistic this is a turning point for the struggling auto powerhouses.
“Today’s filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment,” John Sheehan, Delphi’s chief restructuring officer, said in a statement.
Sounds like good news to us. Delphi and GM have had their financial and union troubles respectively, but nothing is more important for the workers, retirees and general economy of Western New York than both entities emerging from this pact successfully.
Opinion
OUR VIEW: Delphi, GM emergence plan positive for area
- Opinion
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- Helen M. Liddell
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LEFFLER: I remember the scream
If you’re sick of news of the run for the White House, I’ve got some really bad news for you: It’s about to get worse.
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OUR VIEW: Time for Mongielo to face the music
Town of Lockport auto repair shop owner David Mongielo has gone over the line in his violation of a town sign ordinance.
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OUR VIEW: At dawn of New Year, a call for civility
Each new year brings with it an inherent hopefulness in our own lives and the larger world around us, this one in particular — if only because it isn’t 2011.
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Have a safe New Year's Eve
This isn’t the Prohibition era, and we’re not into moralizing about alcohol consumption.
We have no beef about adults having a few drinks on New Year’s Eve, as long as no one else gets hurt in the process. Your choice — hangover, no hangover. Check yes or no.
But, with one very important proviso: Don’t drink and drive.
And we’re very much against hosts of a New Year’s Eve party sending their guests out to their cars when their guests have overindulged. Especially when there are safe options to avoid behavior that risks your life and that of others you may encounter on the road. -
The bus stops here
The NFTA’s proposed cuts to local bus routes have the potential to really hurt the little guy, the rider who relies on the bus to get to work, to shop, to get to the doctor’s.
It just shouldn’t happen. -
CONFER: Achieving tax cuts for middle class
In an attempt to stave off financial ruin and strengthen the economy, Washington has invested more than $2.5 trillion in the economy since 2008 in an ongoing series of bailouts that continue to this day. About $1.6 trillion has been spent on the purchase of private-sector debt and mortgage-backed securities from private enterprises and Fannie Mae and Freddie Mac. About $330 billion was dedicated to insuring bad debt and risky investments undertaken by those same enterprises. More than half a trillion more was put into the expansion of lending to the financial industry. It doesn’t end there: There’s still another $10 trillion in promised support out there yet to be utilized.
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Pit bulls, owners need regulation
It’s quite the procedure to become licensed to own and carry a pistol in New York state. I was required to take a course about the safety and use of handguns. I was fingerprinted. I underwent a background check. Acquaintances were interviewed by the police regarding my mental stability and character. I had to pay the government a pretty penny for the permitting process.
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CONFER: N.Y. should tax public pensions
New York residents are excluded from paying state taxes on the first $20,000 of their retirement income from private pensions. If they happen to be former government workers, though, things are quite different: Local, state, federal and military retirees don’t pay any state tax at all on their publicly-provided pensions, whether it’s $20,000 or $80,000.
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CONFER: Social Security and Medicare really are entitlements
When the issue of cutting America’s two largest and most broken social welfare programs — Social Security and Medicare — was broached during the recent debt ceiling debate, most Americans raised a considerable stink about it. Because of that, reform was never really tabled. It would have been political suicide for any representative or senator that dare force much-needed transformation of how we observe the golden years and peoples’ responsibility to prepare for it.
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Skip the Coffee Cup and Inhale Your Caffeine Fix
