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U.S. Bankrolls GM Bankruptcy With $50 Billion Taxpayer Investment
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By Don Miller
Money Morning
General Motors Corp. (NYSE: GM), humbled by…
2Jun2009 | Money Morning | 0 comments | ContinuedBankrutpcy Gives General Motors (GM) a Second Life
By the time investors read this today (Monday), embattled U.S. automaker General Motors Corp. (NYSE: GM) Motors Corp. could be operating under the protection of the U.S. bankruptcy code, a strategic move made in an effort to transform the once-dominant firm into a leaner and more competitive player.
GM has lost an aggregate $82 billion in the past four years even as it slashed production capacity, nameplate brands – and more than 100,000 U.S. jobs. It needs to cut another 19,000 workers by 2012 to bring its domestic employment down to 72,500 jobs.
GM on Saturday passed a major milestone ahead of a bankruptcy…
1Jun2009 | Money Morning | 0 comments | ContinuedU.S. Treasury to General Motors: Restructure or Face Bankruptcy by June
The U.S. Department of Treasury is directing General Motors Corp. (GM) lay the groundwork for a bankruptcy filing by the automaker’s June 1 deadline to restructure or have the plug pulled on more federal emergency loans, The New York Times reported.
Last week, GM and members of President Obama’s task force meet in person and talked on conference calls, sources told the Times. Talks are expected to continue this week, but the Treasury’s goal is a speedy “surgical” bankruptcy for GM.
One of the plans the Treasury is considering would involve creating a new company that would buy GM’s better assets immediately…
14Apr2009 | Money Morning | 0 comments | Continued
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