Though the car's name was contrived with no meaning, GM researchers reportedly found the word in a French dictionary as a slang term for "friend" or "companion." In some automotive periodicals before official release, it was code-named "Panther," however, the project designation for the Camaro was XP-836 and some early GM photos show the final Camaro body labeled "Chaparral".

Automotive press asked Chevrolet product managers "What is a Camaro?", and were told it was "a small, vicious animal that eats Mustangs". The name conveniently fit Chevrolet's "C" naming structure that included Corvair, Chevelle, Chevy II, and Corvette.

When Ford introduced the Mustang in 1964 there was no immediate reaction from General Motors, but by August of 1964, just four months after the Mustang's introduction, GM realized the appeal of a four seat sports car. Ironically, the Mustang was created in response to the Chevrolet Corvair Monza!

GM had actually begun preliminary work on such a car as early as 1958, according to Pontiac Designer Bob Porter. "I remember a four-passenger, sporty type car of the general size and weight class of the Mustang being worked on in an advanced studio. In the early '60s, similar cars were developed from time to time. Everyone wanted to do one, but at the time there was really no corporate interest."

When the Mustang sold 100,000 units in the first six months, and almost half a million the first year, GM took an interest. The responsibility for GM's Mustang fighter was given to the GM Design Center's Chevrolet Studio under the direction of Henry C. Haga. Interior design was directed by George Angersbach, who had been heavily involved in the design of the Corvette, Corvair, and the Chevy II, which became the Nova in 1968. It has long been a misconception that the '67 Camaro was designed from Chevy II components when actually it was the other way around. The Chevy II was to be all new for '68 and it shared many parts with the '67 Camaro, but this did lead to compromises in the design, most notably the cowl height and hood length.

One unique feature was the decision to use a front subframe isolated with rubber "biscuits" in combination with the unit body construction of the rest of the car, a technique that had been used on several Europeancars, including many Mercedes-Benz models. This combined the best of both worlds-a larger interior and more luggage space than was possible with a traditional frame and at the same time a quieter, smoother ride than a full uni-body car delivered.

DETROIT – General Motors Corp.'s board of directors met for a second day Saturday to make the final decision on whether the automaker would complete its restructuring by filing for bankruptcy protection Monday.

The outcome of the meeting could not immediately be determined. GM and the Treasury Department, which has been guiding the Detroit automaker toward a rescue plan that will give taxpayers nearly a three-fourths stake in the company, went into secrecy mode.

GM's bondholders had a 5 p.m. Saturday deadline to accept an offer to swap their $27 billion in debt for at least a 10 percent stake in a new GM. If the Treasury doesn't get the amount of support it wants, bondholders could wind up with far less in bankruptcy court.

The Treasury Department had no immediate comment on the deadline passing, and GM spokesman Tom Wilkinson said the automaker did not plan to make any statements Saturday.

GM took a huge restructuring step Friday when the United Auto Workers union agreed to a cost-cutting deal, and early Saturday, Germany's finance minister said a plan was approved for Canadian auto parts maker Magna International Inc. to move ahead with a rescue of GM's Opel unit.

But there was still much to do to beat the government's Monday deadline to qualify for more aid. The company already has received about $20 billion in government loans and could get $30 billion more to make it through what is expected to be a 60- to 90-day reorganization in bankruptcy court.

GM has yet to confirm it will seek bankruptcy protection, but it has scheduled a news conference Monday morning in New York.

The Treasury on Thursday offered bondholders 10 percent of a newly formed GM's stock, plus warrants to buy 15 percent more to erase the debt. Last week, GM withdrew an offer of 10 percent equity after only 15 percent of the thousands of bondholders signed up.

It was unclear how many bondholders took the latest offer, although a group representing large creditors who hold 20 percent of debt agreed to it. If the 15 percent who took the first offer are added in, that would make 35 percent.

Elliott Management Corp., a $13 billion hedge fund and major GM bondholder, also said it had decided to accept the new deal. But Spokesman Scott Tagliarino wouldn't say how much GM bond debt Elliott represents.

Getting as many bondholders as possible to sign on to the offer in advance of a bankruptcy filing could help the automaker get through the court process more quickly, said Robert Gordon, head of the corporate restructuring and bankruptcy group at Clark Hill PLC in Detroit.

"The more consensus you have, the more likely it is you'll be able to move through the bankruptcy process in an expeditious fashion with less resistance," Gordon said.

In a typical Chapter 11 bankruptcy case, the company files a plan of reorganization that must be voted on by creditors. In each class of creditors, the plan would have to be approved by holders of two-thirds of the claims and a majority of the number of individual creditors who vote.

But the GM case is anything but ordinary, and it appears the company will sell some or all of its assets to a new entity that would become the new GM, rather than submit a plan to reorganize the old company.

Under a so-called Section 363 sale, the prospective buyer and seller present a fully negotiated asset purchase agreement for approval by the court.

Creditors still can lodge objections, but GM could avoid the drawn-out fights between competing creditors, such as bondholders and workers, that often occur.

Chrysler LLC, which filed for bankruptcy protection April 30, chose a similar path. A judge heard three days of testimony and arguments last week over the sale of most of Chrysler's assets to Italian carmaker Fiat SpA.

U.S. Judge Arthur Gonzalez is expected to approve the sale Monday, pushing Chrysler closer to its goal of a speedy exit from bankruptcy protection. But an appeal is likely from three Indiana state pension and construction funds, which invested in Chrysler debt and say the deal isn't fair. That may force Chrysler to further postpone the deal's closing.

Chrysler claims that any substantial delay could push Fiat to back out if the deal, since the Italian automaker has set a deadline of June 15 to wrap up a transaction.

GM's stock tumbled to the lowest price in the company's 100-year history on Friday, closing at just 75 cents after trading as low as 74 cents. In a Chapter 11 bankruptcy reorganization, the shares would become virtually worthless.

Source:
AP Business Writer Harry R. Weber in Atlanta and Associated Press Writer Ken Thomas in Washington contributed to this report.

Who's really losing money in the auto industry?

Here is a list of loses for the world's largest automakers. This list runs from March 2008 to March 2009. As it turns out the Japanese auto makers have lost a total of 12.6 billion dollars (Toyota, Honda, and Nissan) and the America's big 3 have lost a total of 9 billion (GM, Ford, and Diamler AG - Chrsyler). Suprised, you should be.

• Toyota -6.9 billion
• GM - 5.9 billion
• Honda Motor - 2.9 billion
• Nissan Motor -2.8 billion
• Daimler AG (Chrysler) -1.7 billion
• Ford Motor -1.4 billion

These are tough times for everyone, so before you bash the American auto industry (don't get me wrong they have made some mistakes) take a look at the WHOLE picture including the financial help that Toyota has received from their Government also.

Sources:
Motor Trend - August 2009
Bloomberg.com

By TOM KRISHER and KEN THOMAS, Associated Press

DETROIT - General Motors completed an unusually quick exit from bankruptcy protection on Friday with ambitions of making money and building cars people are eager to buy. Once the world's largest and most powerful automaker, new GM is now leaner, cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.

But GM, whose 40 days under court supervision was far shorter than anyone predicted, faces the worst auto sales slump in a quarter-century.

At a news conference, CEO Fritz Henderson said the revamped automaker will be faster and more responsive to customers than the old one. It will generate cash and repay billions in government loans ahead of a 2015 deadline.

The new company will build more cars and trucks that consumers want and launch them faster than in the past, the CEO said. GM also announced a partnership with eBay Inc. to test auctioning vehicles online.

"We recognize that we've been given a rare second chance at GM, and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done," he said.

Source:
www.startribune.com/business/50463707.html

Flush with Camaro orders, GM workers on OT

Grace Macaluso, Canwest News Service - Published: Thursday, May 07, 2009

In a rare bright spot amid a darkening automotive landscape, workers at the General Motors' Oshawa operation are being asked to work additional shifts to meet "huge" demand for the 2010 Chevrolet Camaro.