Bankruptcy has arrived.

[McGruff]

http://www.bloomberg.com/apps/news?p...Rn8&refer=home

Well, here we go...

[jrock]

they will keep shipping right?

[Hemlawk]

Originally Posted by jrock

they will keep shipping right?

I think they will keep producing cars until they are official out of business. I guess its in the governments hands now

Maybe GM will sell Chevy, or cut the sluff, liquidate Potiac, etc...

[Arch]

What idiot would suggest GM would sell Chevy? lol

[MerF]

Pre-packaged bankruptcy...which sounds great, except the fact that 90% of us were hoping this was the chance for GM to get out form under the chokehold of the UAW and CAW (sorry for our workers here, it's just the way it is). Sounds like not much will change, except who owns GM. It's still a company in the red as long as that's not changed.

[Darth Martel]

We don't know what the terms of the new UAW is yet so, don't get your panties in a bunch quite yet. If the UAW employees are now making a reasonable wage and lost unreasonable concessions from the past (jobs bank) then what's the problem? The only other thing I'd like to see change is the ability for management to get rid of UAW workers who are a detriment to the company.

[dbotsfordtat]

Originally Posted by MerF

Pre-packaged bankruptcy...which sounds great, except the fact that 90% of us were hoping this was the chance for GM to get out form under the chokehold of the UAW and CAW (sorry for our workers here, it's just the way it is). Sounds like not much will change, except who owns GM. It's still a company in the red as long as that's not changed.

Yea, Healthcare and Retirement are so 20th Century.
What 90% are you assuming to speak for? I love the UAW, its not perfect but IMO it does way more good than harm.

[diddiyo]

GM should never have gotten money in the first place and should've declared bankruptcy right away. i really don't get why all the bailout-billions were given to GM when HALF A YEAR LATER they're going into bankruptcy.

[calflan]

What will Bankruptcy and possible eventual failure of GM mean for warranty coverage, long term values, parts, acessories, and all in all support for the
'010 Camaro ? As much as I love Camaro's (especially this model) and can't wait for this car to get here, it sure feels foolish buying a car from a company headed south.

GM really doesn't deserve my money, but I, probably like most of those on this board, are caught up in the tradition of this car plus the new design drives me nuts. GM has played dumb for so long, they are now is the crapper. The UAW has been sucking this 'so called' fatcat dry for too long. Until recently their design engineers have been on vacation with BORING designs and cheap cars. It sucks that they now have to play catchup long after they should have. This Camaro could mean so much to this company, but the stories on this board of lack of feedback, information, etc., makes me wonder what exactly is going through their heads ... nothing new. They should be jumping on the opportunity to serve those ordering these cars, Corvettes, etc. anything that shows light at the end of of the tunnel for this company. Instead repeat stories of delays, poor customer communication, etc.

My neighbor bought a new Suburban about 4 years ago, fully loaded. They had problem after problem and when they took it in for service at the dealer, after 40,000 miles, he sold them on a new water pump, master cylinder, brake pads, routine service, etc., etc. The bill ran near $1200 for a routine maintenance check on a car with 40,000 miles. About $600 of that was not warranty. This is supposed to be one of their top vehicles. BUT, guess what my neighbor did when this hunk of junk ran into major transmission trouble at 120,000 miles ... he bought another one.

Another difficult american story. I hate that this is happening and even more for my kids' future, but between corporate America and the dripdown affect on blue collar America, everyone's in 'what's in it for me immediately' mindset. Our parents must be disgusted at what has become of the most powerful industrial nation.

Sorry for the rant. I love this car, but am infuriated at a company that ALLOWED THIS TO HAPPEN to them ... and me.

[nUcLeArEnVoY]

Originally Posted by calflan

What will Bankruptcy and possible eventual failure of GM mean for warranty coverage, long term values, parts, acessories, and all in all support for the
'010 Camaro ? As much as I love Camaro's (especially this model) and can't wait for this car to get here, it sure feels foolish buying a car from a company headed south.

GM really doesn't deserve my money, but I, probably like most of those on this board, are caught up in the tradition of this car plus the new design drives me nuts. GM has played dumb for so long, they are now is the crapper. The UAW has been sucking this 'so called' fatcat dry for too long. Until recently their design engineers have been on vacation with BORING designs and cheap cars. It sucks that they now have to play catchup long after they should have. This Camaro could mean so much to this company, but the stories on this board of lack of feedback, information, etc., makes me wonder what exactly is going through their heads ... nothing new. They should be jumping on the opportunity to serve those ordering these cars, Corvettes, etc. anything that shows light at the end of of the tunnel for this company. Instead repeat stories of delays, poor customer communication, etc.

My neighbor bought a new Suburban about 4 years ago, fully loaded. They had problem after problem and when they took it in for service at the dealer, after 40,000 miles, he sold them on a new water pump, master cylinder, brake pads, routine service, etc., etc. The bill ran near $1200 for a routine maintenance check on a car with 40,000 miles. About $600 of that was not warranty. This is supposed to be one of their top vehicles. BUT, guess what my neighbor did when this hunk of junk ran into major transmission trouble at 120,000 miles ... he bought another one.

Another difficult american story. I hate that this is happening and even more for my kids' future, but between corporate America and the dripdown affect on blue collar America, everyone's in 'what's in it for me immediately' mindset. Our parents must be disgusted at what has become of the most powerful industrial nation.

Sorry for the rant. I love this car, but am infuriated at a company that ALLOWED THIS TO HAPPEN to them ... and me.

Hear, hear. When you look at GM, you don't exactly see a huge halo around their heads. If anybody brought this upon them, it was themselves - my love for the Camaro has nothing to do with the all-encompassing truth that GM handled business inadequately for a very long time and are now paying the price.

The government doesn't want to own a car company, Bob Lutz said it himself. The problem is, it was GM who WENT to the government asking for loans, and they got them. The government saw that GM was not making a good enough effort to restructure in time, so before they continued supplying billions of dollars to a limping-along company, taking taxpayer's money in the process, they intervened and set a deadline. GM hasn't made that deadline and now owes so much money to the government that the government is going to oversee their bankruptcy.

GM plans to pay the gov't BACK and the gov't plans on GETTING paid back. Once that's done, ASSUMING it gets done, then it is going to be a shake of the hands, 'pleasure doing business with you' and a goodbye. The gov't has better shit to do than run a car company. I keep hearing everywhere that the government is this sniveling, hunched over little weasel deviously rubbing his hands together and plans on turning GM into a bland shadow of its former self when that is far from what is going to happen. Since GM is indebted to the gov't to the tune of over 10 billion dollars, they simply want to be paid back and are overseeing their bankruptcy PROBABLY as a form of insurance. This is kind of like when you let your friend borrow a large sum of money. I doubt you do it out of charity.

I'm not defending the government because I am a sheep, no. I'll admit just as much as the next guy that our government has made a fair amount of mistakes, particularly over the past eight years, but I won't get into that... what I am saying is, when you are indebted to someone for that kind of coin... well, heh, need I say more?



BTW, Calflan... from your description in your last paragraph, your parents must've flourished in the 60's. XD!

[calflan]

N-envoy - thanks for your perspective. Good post.
I'm glad the governemnet has stepped in before GM went away like the investor companies and banks, I don't like to think all our cars will have to come across an ocean to be engineered and run. I sincerely hope GM gets their stuff together, in the interest of USA business.

Strange and difficult times we live in and ahead likely. Things like turn arounds by companies like GM will best illustrate how American ingenuity CAN rise in a difficult situation.

BTW - My father was a proud man that believed hard work and solid values deserved success. He did'nt particularly thrive above many others financially, but he provided 2 educations for 2 sons and supported a family through 20 years.
He grew to dislike the tendancies unions were starting to stray toward. I'm afraid the UAW has had a tremendous impact on GM's growth. I hope they all settle this out and come to a workable solution together.

P.S. If that is your Camaro on your post, it's awesome.

[diddiyo]

Originally Posted by nUcLeArEnVoY

GM plans to pay the gov't BACK and the gov't plans on GETTING paid back.

just like they were planning to avoid bankruptcy in the first place, right? i remember strong words like "bankruptcy is not an option!" and the govt kept throwing billions at them.

[CamaroCrazy7]

:upset:

[nUcLeArEnVoY]

Originally Posted by calflan

N-envoy - thanks for your perspective. Good post.
I'm glad the governemnet has stepped in before GM went away like the investor companies and banks, I don't like to think all our cars will have to come across an ocean to be engineered and run. I sincerely hope GM gets their stuff together, in the interest of USA business.

Strange and difficult times we live in and ahead likely. Things like turn arounds by companies like GM will best illustrate how American ingenuity CAN rise in a difficult situation.

BTW - My father was a proud man that believed hard work and solid values deserved success. He did'nt particularly thrive above many others financially, but he provided 2 educations for 2 sons and supported a family through 20 years.
He grew to dislike the tendancies unions were starting to stray toward. I'm afraid the UAW has had a tremendous impact on GM's growth. I hope they all settle this out and come to a workable solution together.

P.S. If that is your Camaro on your post, it's awesome.

Oh, I was just wondering because you said this is this is the "what's in it for me NOW' time... unlike the 60's where everything was about the people. My mother was sort of a hippie. She grew up in the sixties; Staten Island, NY.

As for the Camaro, nope. It's how I PLAN to make mine look, though.