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Old 03-30-2009, 05:52 PM   #1
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Bankruptcy Leads Possible Plans for GM, Chrysler

http://online.wsj.com/article/SB123841609048669495.html

WASHINGTON -- The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.

The move would in essence split both companies into their "good" and "bad" components. The government would like to see the "good" GM to be a standalone company, according to an administration official. The "good" Chrysler would be sold to Fiat SpA, assuming that deal is completed, this person said.

GM and Chrysler have had bankruptcy attorneys devising plans for such a move in recent months.

President Barack Obama's task force has told both companies that the administration prefers this route as a way to reorganize the two auto makers, rather than the prolonged out-of-court process that has thus far frustrated administration officials.

GM looks increasingly like it will be forced into filing for bankruptcy protection, sometime in mid-to-late May, in a plan where the automaker breaks into two companies, the surviving entity a "new GM" that maintains key brands such as Chevy and Cadillac and some international units, say several people familiar with the situation.

Stakes in this new GM could be given to creditors and UAW members. It is also possible the new company could be sold whole or in parts to investors.

The auto makers could avoid bankruptcy in the next two months. And there is some brinksmanship still going on in GM's high-level talks with bondholders, union members and creditors.
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Old 03-30-2009, 05:54 PM   #2
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I have to see this happen to believe it.. I believe that Obama and his administration are doing this as a smoke screen where they appear to be favoring a bankruptcy and last minute will come in and go for the Government takeover angle.. Who knows at this point.. It just feels like it is taking soo damn long to get anything done...
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Old 03-30-2009, 05:57 PM   #3
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If they go bankruptcy I hope the Union goes ... if not, they still won't be competitive with wages ..

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Old 03-30-2009, 06:01 PM   #4
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I still think GM is going to turn into 'Government Motors" at the end of all this.. I hope and pray I am wrong..
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Old 03-30-2009, 06:24 PM   #5
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Personally I think unions should be outlawed. They have outlived their usefulness and have single-handedly caused the export of more jobs than any other force in this country.
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Old 03-30-2009, 06:30 PM   #6
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Personally I think unions should be outlawed. They have outlived their usefulness and have single-handedly caused the export of more jobs than any other force in this country.
I couldn't agree more.
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Old 03-30-2009, 06:37 PM   #7
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Personally I think unions should be outlawed. They have outlived their usefulness and have single-handedly caused the export of more jobs than any other force in this country.

Please someone tell me how the UAW/CAW caused this current problem !!! Did it not start with the American Banking System or was i just day dreaming...I'm suprised you don't blame us for world hunger and baldness !
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Old 03-30-2009, 06:38 PM   #8
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Stop the thread it is political not about Camaro5
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Old 03-30-2009, 06:46 PM   #9
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Please someone tell me how the UAW/CAW caused this current problem !!! Did it not start with the American Banking System or was i just day dreaming...I'm suprised you don't blame us for world hunger and baldness !
this thread is , and I am getting sick of seeing this kind of crap here!
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Old 03-30-2009, 06:46 PM   #10
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Stop the thread it is political not about Camaro5
Sorry... I lost my head for a split second. Back to regular scheduled programming.
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