19 Votes

Boost it!

New GM CEO Admidts Bankruptcy Is Now Probable

Agent009 submitted on 4/17/2009 Official Bell & Ross Timestamp: 4:53:00 PM

18 user comments | Category: Misc News | Source: | SOURCE: www.washingtonpost.com

General Motors chief executive Fritz Henderson said the automaker still intends to restructure its business outside of bankruptcy, but a filing is still "probable" given all the concessions it must achieve with such a short deadline.

GM, which has already received $13.4 billion in government loans, is working on a two track plan: outside bankruptcy and inside.

"Contingency planning is under way," Henderson told reporters this morning.

 



Read Article

New GM CEO Admidts Bankruptcy Is Now Probable

About the Author

Agent009

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

— Agent009 (View Profile)


User Comments

thstone

Probable? Guaranteed is more like it.

— thstone (View Profile)

Posted on 4/17/2009 5:40:41 PM | reply to this comment | Votes: 5   

topneuro

OBAMA:
Bring out...
[rewr!]
...your dead!
[rewr!]
[clang]
Bring out your dead!
AUTOSPIES:
Here's one.

OBAMA:
Ninepence.
GM:
I'm not dead!
OBAMA:
What?
AUTOSPIES:
Nothing. Here's your ninepence.
GM:
I'm not dead!
AUTOSPIES:
'Ere. He says he's not dead!
OBAMA:
Yes, he is.
GM:
I'm not!
OBAMA:
He isn't?
AUTOSPIES:
Well, he will be soon. He's very ill.
GM:
I'm getting better!
AUTOSPIES:
No, you're not. You'll be stone dead in a moment.
OBAMA:
Oh, I can't take him like that. It's against regulations.
DEAD PERSON:
I don't want to go on the cart!
AUTOSPIES:
Oh, don't be such a baby.
OBAMA:
I can't take him.
GM:
I feel fine!
AUTOSPIES:
Well, do us a favour.
OBAMA:
I can't.
AUTOSPIES:
Well, can you hang around a couple of minutes? He won't be long.

— topneuro (View Profile)

Posted on 4/17/2009 5:51:41 PM | reply to this comment | Votes: 4   

204E60

GM's bankruptcy has been both obvious and inevitable for a long time. This isn't news.

— 204E60 (View Profile)

Posted on 4/17/2009 6:00:32 PM | reply to this comment | Votes: 0   

Joe_Limon

What is news is that even the GM president is saying it's probable... Which correct me if I am wrong is the point of this article.

— Joe_Limon (View Profile)

Posted on 4/17/2009 6:04:19 PM | | Votes: 3   

204E60

Okay: I'll correct you. It's not news if the CEO simply releases a comment acknowledging what has been obvious to anyone closely following the industry, the credit markets and the overall economy. GM has been issuing carefully structured statements to the press for months; it's a case of let-'em-down gradually. GM will not survive; most of its brands will go away in one form or another. To repeat: it's not "probable." It is inevitable. GM is well beyond the tipping point.

— 204E60 (View Profile)

Posted on 4/17/2009 10:22:55 PM | | Votes: 1   

Badgewhore

Then why even over pay Rick wagoner to resign? I recall he worked for $0 this year.

— Badgewhore (View Profile)

Posted on 4/20/2009 2:34:10 AM | | Votes: 2   

cococo

How do you admidt something?

— cococo (View Profile)

Posted on 4/17/2009 6:40:13 PM | reply to this comment | Votes: 2   

2007Tahoe

@cococo

I was wondering that myself.

— 2007Tahoe (View Profile)

Posted on 4/23/2009 9:08:37 PM | | Votes: 1   

vvelez

So GM takes all this money and now it's "probable" to go bankrupt? What was the point of this circus? to make the death long and arduous and to take our money? well it worked... GO FORD

— vvelez (View Profile)

Posted on 4/17/2009 11:48:09 PM | reply to this comment | Votes: 0   

dealerskid

Don't you love the new GM marketing program, " GM Confidence Program". GM offers Rebates ! File GM, File GM, and please for the US tax payers > File GM ! Go Ford

— dealerskid (View Profile)

Posted on 4/18/2009 3:13:21 AM | reply to this comment | Votes: 1   

Type707

Wait...let me guess...their secondary Contingency plan is to ask for more money...you know what GM stands for???

Gimme.Money

— Type707 (View Profile)

Posted on 4/18/2009 3:29:02 AM | reply to this comment | Votes: 0   

91z4me

But it may soon stand for Government Motors.

— 91z4me (View Profile)

Posted on 4/18/2009 9:53:42 AM | | Votes: 0   

rawbux

Your an idiot!!! They aren't having problems because they build crappy cars. There are alot of factors. They're build quality has dramatically improved and on par in alot of ways to other more expensive cars. Pull your head out and educate yourself. With a name like gaybashingneonazilovemachine, I guess that's all we can expect from you!

— rawbux (View Profile)

Posted on 4/20/2009 2:20:29 AM | reply to this comment | Votes: 1   

TurboSpyder

Ironic that the old adage "As goes GM so goes the nation" is still true today.

http://www.youtube.com/watch?v=O_TjBNjc9Bo

— TurboSpyder (View Profile)

Posted on 4/18/2009 1:05:32 PM | reply to this comment | Votes: 2   

doctorproctor

Finally admits what the rest of the world has known all along..big deal. Bankruptcy will be the best thing for GM....to reorganize, remodel, refocus, reduce, replace and reopen for business!

— doctorproctor (View Profile)

Posted on 4/18/2009 6:10:40 PM | reply to this comment | Votes: 0   

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]