12 Votes

Boost it!

GM Preparing For Bankruptcy As Deadline Nears

Agent009 submitted on 4/7/2009 Official Bell & Ross Timestamp: 2:06:09 PM

12 user comments | Category: Misc News | Source: | SOURCE: money.cnn.com

Preparations for a possible bankruptcy filing at General Motors have become "intense and earnest", according to a source familiar with the company's plans.

The source, who spoke on the condition of anonymity, said GM still hopes to win concessions from its creditors and unions that will allow it to avoid bankruptcy. But the June 1 deadline given to the company by President Obama and the Treasury Department to reach deals or go into bankruptcy has caused a pick-up in preparations, the source said.

"We're talking about what could be the largest industrial company to ever go bankrupt. The preparations better be intense and earnest," the source said. "The preparations are being made because there's a short time frame here."


Don't miss out on ALL our exciting AutoSpies.com Galleries as well as all the updates from the 2009 New York Auto Show Gallery.

Also, upload your photos while on the go by sending them to Mobile@AutoSpies.com



Read Article

GM Preparing For Bankruptcy As Deadline Nears

About the Author

Agent009

"If everything seems under control, you're just not going fast enough."

— Agent009 (View Profile)


User Comments

BSBB

Possible bankruptcy filing? I believe this is a done deal. But, I could be wrong. The UAW will not concede enough, of anything, to help in this matter. If GM is going to spend significant time and money preparing for bankruptcy, then they might as well go that route.

— BSBB (View Profile)

Posted on 4/7/2009 2:36:00 PM | reply to this comment | Votes: 4   

richardposluszny

Good call, I was just about to post this article myself.

— richardposluszny (View Profile)

Posted on 4/7/2009 2:40:11 PM | reply to this comment | Votes: 1   

Agent009

of course if you asked Rick Wagoner...he would still say bankruptcy is not an option.

— Agent009 (View Profile)

Posted on 4/7/2009 2:47:38 PM | reply to this comment | Votes: 2   

monkeyrun

He did get fired, so this might not be his plan all along.

— monkeyrun (View Profile)

Posted on 4/7/2009 4:04:11 PM | | Votes: 1   

BigShow50

LMFAO!!!...GM knew bankuptcy was the only option since Oct/Nov. of last year...they are just using whitehouse money to compound a problem that will never be resolved by GM(called "trying to save face!")...what a concept!!!...But then a again give GM credit for a "banko-concept" that actually makes sense and for once a concept that goes into production by GM and GM only!!!...LMFAO!!!

— BigShow50 (View Profile)

Posted on 4/7/2009 4:08:08 PM | reply to this comment | Votes: 3   

Agent009

Well GM has been in denial for several years. But they gambled on short term profit with a lack of vision for the future. That philosophy failed them and they will now pay the price.

If I failed to save and time it came to retire, the federal government shouldn't bail me out either.

— Agent009 (View Profile)

Posted on 4/7/2009 4:37:47 PM | | Votes: 2   

Whelan

GM is going to be owned by the government and...oh wait, they already pretty much are. Then they can change the name to Government Motors, keep the logo and make nothing but eco-friendly electric cars that come in colors like Daisy petal and Green Grass. Just like Obama planned.

It's part of the plan, mark my words, the company will be government owned just like some foreign autos are.

— Whelan (View Profile)

Posted on 4/7/2009 5:00:23 PM | reply to this comment | Votes: 1   

investor27

I knew the UAW would rather let GM go out of business than to do the right thing. UAW's motto is to never concede, and rather die before conceding a single penny. They have to do this, because they are betting heavily that one or two of the Big Three will survive and the UAW will live on. We need to shut these guys down for good. It's Jimmy Hoffa all over again.

— investor27 (View Profile)

Posted on 4/7/2009 10:16:27 PM | reply to this comment | Votes: 5   

freeagent

Romney was right all along and now, after wasting billions, months of dithering, and compounding the additional loss of customer goodwill and patience, the inevitable is upon us. Let just hope that someone within this inept group has the stomach and clarity to assemble a viable business plan.

— freeagent (View Profile)

Posted on 4/7/2009 10:18:39 PM | reply to this comment | Votes: 2   

roundwego

Hopefully they can restructure successfully and come back leaner and meaner. they already have the product.

— roundwego (View Profile)

Posted on 4/8/2009 7:49:05 AM | reply to this comment | Votes: -1   

mini22

Since the government is going to back the warrantees then it seems a no brainer that GM should to the managed bankruptsy. The UAW and the bondholders will not agree to the cuts GM is asking for so a BK is the only viable way for GM to restructure. Chevy,Caddilac,Buick and GMC will be the good GM.Saab,Opel Hummer,Saturn will be the bad GM. Pontiac will be either shut down or reduced to a few image cars.Buick might be sold to the Chinese. I think GM should start proceedings asap and get it over with.

— mini22 (View Profile)

Posted on 4/8/2009 1:35:51 PM | reply to this comment | Votes: 1   

Add your Comments

Images hosted in your AgentSpace can now be posted in the comments section using the following syntax (case matters): [img]IMAGE URL[/img]
Example: [img]http://agent001.myautospies.com/images/sample.jpg[/img]