REPORT: General Motors in "intense" bankruptcy preparations

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According to an unnamed source speaking with Reuters, General Motors "is in 'intense' and 'earnest' preparations for a possible bankruptcy filing." The report states that GM could be split into two separate entities; one "new" unit consisting of the General's successful brands (read: Chevrolet and Cadillac) and an "old" unit made up of its less-profitable endeavors (Hummer, Saab, Pontiac and Saturn).

If the plan is enacted, the all-new GM would assume some of the debt from the bankruptcy (primarily, unsecured debt) and that GM's bondholders would lose a substantial amount of value if the Chapter 11 filings go through. Naturally, neither source wished to be named, so this is all conjecture at this point, but if GM does declare CH11 within the next month-and-half, expect the Feds to step in to avoid the cataclysmic effect on both suppliers and the economy as a whole.

Source: GM in intense preparations for bankruptcy: source | U.S. | Reuters

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nogoodname

this is really getting out of hand now........ but years of lack of improvement came to bite real hard.

Endgame

We knew this was coming. They have been on life support since before Bush left office.

nogoodname

where will i get my Genuine parts for my




just so happens i posted this somewhere else and matches this thread also......ha

molamann

I highly support the split.

ChrisSlicks

Yeah, me too. It will be a good way for them to kill of Hummer, Saab, Pontiac and Saturn and concentrate on the brands that are working. They will come out of it stronger and better.

dad

They need more money! Send them money! Your money, my money, your mother's money!

When do we get some money?

Don't give your change, or dollar bill to the person standing on the corner begging for money! You can't afford too, your pocket is already being picked!

When does the little guy, you and me get some help? How about people now living in tents, who have lost jobs or homes. When will they get help, or a bailout?

The United States Government can't help the little guy, but they can spend trillions of dollars on the US auto industry and AGI!

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We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.

BanningZ

^I agree

I don't support the ridiculous capitalism machine of "just let em' fail" but this has just gotten out of hand. No more money should be thrown at them.

Meanwhile we climb another percent in unemployment, people are losing their jobs and GM considers how to make the Volt uglier and less attainable.

Let the apple drop, it may just make a healthy tree once it grows new roots.

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wstar

I do. I still think a "let em fail" attitude from the very start of this mess would have turned out better for us in the long run than all this bullsh*t.

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dad

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We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.

arcticreaver

this is what happens when you make BAD vehicles. consumers are not stupid.

MC

pontiac is dead

GM to pull the plug on Pontiac car brand - Apr. 24, 2009

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eXo5

^ my thoughts since they put a V8 in a grand am and called it a GTO. They should have named it the GTFO.

dad

Let's see how many dominoes fall!

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We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.

frost

Best thing for them. I wouldn't be surprised if their vehicles go up in quality since they will have a higher profit margin after being able to pay people more appropriately.