GM BANKRUPTCY/ COMPANY SPLIT - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

65Elco · 04-07-2009, 11:24 PM

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.

65Elco · 04-07-2009, 11:26 PM

GM will come threw by June 1st!

Killer CamAro · 04-07-2009, 11:30 PM

I wonder what the names could be if GM actually split?...

cam2fst4u · 04-07-2009, 11:37 PM

GMC and Chevrolet

CommandoSS · 04-07-2009, 11:42 PM

Quote:

Originally Posted by cam2fst4u

GMC and Chevrolet

and cadillac and buick

Kwaz1335 · 04-07-2009, 11:44 PM

Rumour is that GM will be divided into 2 companies with the better brands such as Chevy GMC and Cadillac and others being one company and the brands that are not doing so well such as Hummer, Saab, Pontiac and Saturn being the other

fastball · 04-07-2009, 11:47 PM

Only one thing is certain throughout all of this: Chevrolet and Cadillac will survive. And although in previous statements GM has maintained Buick, Pontiac, and GMC will also remain, I have doubts about that.

If Chevy and Cadillac are all that's left after the dust clears, I forsee the new company being called the Chevrolet Motor Company.

TBM · 04-07-2009, 11:47 PM

Quote:

Originally Posted by Kwaz1335

Rumour is that GM will be divided into 2 companies with the better brands such as Chevy GMC and Cadillac and others being one company and the brands that are not doing so well such as Hummer, Saab, Pontiac and Saturn being the other

Makes sense.............they could have figured that out without taxpayer money.

DevilKnightFalcon · 04-08-2009, 12:03 AM

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.

countryguy05 · 04-08-2009, 12:25 AM

I actually watched a whole news cast about this today, forgot the channel but they talked for over an hour about it. From what i watched, According to legal sources around GM, IF they have to go to bankruptcy they would for sure sell off/let go of Hummer and Saturn and for sure keep Chevy, GMC, Cadillac under the GM name, almost certainly keep Buick as well and if they can keep Pontiac. It shouldn't be a surprise about them letting go of Hummer as they have been trying to sell it off for a while now. As for splitting off as a second company to keep the the other brands it doesn't look likely, with the way things are going if they have to do this they wouldn't just transfer the debt brands (well brand really) to another company to go through the same trials, they would just try and get rid of it.

Vash · 04-08-2009, 12:29 AM

Yea my suggestion is to consolidate to just Chevy and Caddy. Buick and Pontiac, GMC are dead weight.. just stickers and bumpers.

PewterPhil · 04-08-2009, 01:04 AM

It is a bittersweet situation. One the one hand it would be great if GM could restructure to cut costs and debt and become the lean mean machine that we all know it can be. On the other hand, I hate to see the good people that work on the production lines (folks like the Mole) loose their hard earned benefits, endure reductions in salary, and in several cases be forced to retire with a cheesy severence package. I am quite sure that the vast majority of the folks that loose their job in a bankruptcy will not be in a position to kick back and retire.

If GM can come through this without ruining the lives of the people who have worked for the company for multiple decades, then more power to them. I just dont see that happening.

All that being said, bankruptcy is inevitible. Thousands and thousands of people had better be looking for alternate employment because they will be loosing their jobs in the near future.

It makes worrying about when our Camaros will finally get here seem pretty materialistic and I am just as guilty of this as everyone else. :(

Rockies4 · 04-08-2009, 01:07 AM

Cross your fingers that nothing slows down production.

Everyone in Canada keep going. Please.

AngryAmish · 04-08-2009, 01:12 AM

Not that I don't agree with numbers, because as long as they are honest they don't lie. But...

Why is it that it seems like every other 4th car I see on the road is a Pontiac?

I hope Buick survives. There is tradition there I like, not to mention they are one of the most profitable car companies in China. ...And I do beleive their auto market is out performing ours currently.

04-07-2009, 11:24 PM	#1
65Elco Drives: 65 Elcamino Join Date: Mar 2009 Location: Albuquerque, NM Posts: 76	GM BANKRUPTCY/ COMPANY SPLIT 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.

04-07-2009, 11:30 PM	#3
Killer CamAro Drives: 06 cobalt ss, 1968 camaro ss Join Date: Oct 2007 Location: Utah Posts: 147	I wonder what the names could be if GM actually split?... __________________ It's getting more and more closer to be in its rightfull home (my garage)

04-08-2009, 01:04 AM	#12
PewterPhil Drives: 2010 Chevy Camaro Join Date: Mar 2009 Location: Lakeland, TN Posts: 159	It is a bittersweet situation. One the one hand it would be great if GM could restructure to cut costs and debt and become the lean mean machine that we all know it can be. On the other hand, I hate to see the good people that work on the production lines (folks like the Mole) loose their hard earned benefits, endure reductions in salary, and in several cases be forced to retire with a cheesy severence package. I am quite sure that the vast majority of the folks that loose their job in a bankruptcy will not be in a position to kick back and retire. If GM can come through this without ruining the lives of the people who have worked for the company for multiple decades, then more power to them. I just dont see that happening. All that being said, bankruptcy is inevitible. Thousands and thousands of people had better be looking for alternate employment because they will be loosing their jobs in the near future. It makes worrying about when our Camaros will finally get here seem pretty materialistic and I am just as guilty of this as everyone else. :( __________________ VIN = 2G1FK1EJ4A9112201 1100 = Preliminary Order: 3/21/2009 2000 = Accepted By GM: 3/27/2009 3000 = Accepted By Production Control: 3/28/2009 3300 = Scheduled For Production: 5/9/2009 3400 = Broadcast:5/13/2009 3800 = Produced: 5/22/2009 4150 = Invoiced: 5/25/2009 4200 = Shipped: 5/25/2009 5000 = Delivered To Dealer: 6/9/2009 Ordered: Victory red, black stripes, RS/SS auto, sunroof, painted engine cover.

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04-07-2009, 11:26 PM	#2
65Elco Drives: 65 Elcamino Join Date: Mar 2009 Location: Albuquerque, NM Posts: 76	GM will come threw by June 1st!

04-07-2009, 11:37 PM	#4
cam2fst4u Drives: 08 SS trailblazer,08 Silverado Join Date: Mar 2009 Location: stanley va Posts: 6,268 View My Garage	GMC and Chevrolet

04-07-2009, 11:44 PM	#6
Kwaz1335 The Kwaz Drives: Black 2010 Camaro 2SS/RS Join Date: Mar 2009 Location: Long Island NY Posts: 259 View My Garage	Rumour is that GM will be divided into 2 companies with the better brands such as Chevy GMC and Cadillac and others being one company and the brands that are not doing so well such as Hummer, Saab, Pontiac and Saturn being the other

04-07-2009, 11:47 PM	#7
fastball Banned Drives: 2017 Camaro 2SS 6MT Join Date: Aug 2006 Location: Cleveland, Ohio Posts: 4,372	Only one thing is certain throughout all of this: Chevrolet and Cadillac will survive. And although in previous statements GM has maintained Buick, Pontiac, and GMC will also remain, I have doubts about that. If Chevy and Cadillac are all that's left after the dust clears, I forsee the new company being called the Chevrolet Motor Company.

04-08-2009, 12:25 AM	#10
countryguy05 Drives: 86 Black Silverado K30 Join Date: Oct 2008 Location: Falcon, CO Posts: 7	I actually watched a whole news cast about this today, forgot the channel but they talked for over an hour about it. From what i watched, According to legal sources around GM, IF they have to go to bankruptcy they would for sure sell off/let go of Hummer and Saturn and for sure keep Chevy, GMC, Cadillac under the GM name, almost certainly keep Buick as well and if they can keep Pontiac. It shouldn't be a surprise about them letting go of Hummer as they have been trying to sell it off for a while now. As for splitting off as a second company to keep the the other brands it doesn't look likely, with the way things are going if they have to do this they wouldn't just transfer the debt brands (well brand really) to another company to go through the same trials, they would just try and get rid of it.

04-08-2009, 12:29 AM	#11
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,104	Yea my suggestion is to consolidate to just Chevy and Caddy. Buick and Pontiac, GMC are dead weight.. just stickers and bumpers.

04-08-2009, 01:07 AM	#13
Rockies4 Drives: PT Cruiser 02 Join Date: Jan 2009 Location: Santa Maria, California Posts: 791	Cross your fingers that nothing slows down production. Everyone in Canada keep going. Please.

04-08-2009, 01:12 AM	#14
AngryAmish Drives: Impala Join Date: Mar 2008 Location: Pittsburgh, Pa. Posts: 813	Not that I don't agree with numbers, because as long as they are honest they don't lie. But... Why is it that it seems like every other 4th car I see on the road is a Pontiac? I hope Buick survives. There is tradition there I like, not to mention they are one of the most profitable car companies in China. ...And I do beleive their auto market is out performing ours currently.