Quote:
Originally Posted by 65Elco
Just read this on http://www.reuters.com/article/marke...0090408?rpc=44
GM FACES BANKRUPTCY
Alcoa's fellow Dow component, General Motors (GM.N), has racked up billions of dollars in losses as auto sales slump, forcing it to go to taxpayers for a bailout.
The company was now in "intense" and "earnest" preparations for a possible bankruptcy filing, a source familiar with GM's plans told Reuters on Tuesday.
A plan to split GM into a "new" company made up of the most successful units, and an "old" one of its less-profitable parts, is gaining momentum and is seen as the most sensible configuration, said another source familiar with the talks.
GM, operating on $13.4 billion of government loans since the start of the year, has until June 1 to complete a reorganisation plan or face bankruptcy, Washington has told the company.
Some analysts and policymakers worry the failure of a company as large and far-reaching as GM could have dire repercussions for the broader economy and already weak consumer confidence. |
I really REALLY hope this happens. It would create a very lean and mean new GM that consists of Chevrolet, Cadillac, Buick and GMC. 90% of GMs revenue comes from those 4 brands. That company would be almost instantly profitable. I don't care what happens with the rest like Pontiac, Hummer, Saab, etc.