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May 20, 2009

GM Warns That Its Restructuring May Still Fail

The failed healthcare and pension company expects to miss a key deadline next week and threatens that bankruptcy may result if it does.

GM's filing said it would announce May 27 whether it would extend the bond exchange or declare it a failure. If it fails, GM faces bankruptcy.
A GM bankruptcy filing could send shock waves across America as it further slashes employees, voids contracts with suppliers and dealerships it deems unnecessary and reduces debt owed to banks, bondholders and others, who would be forced to absorb losses.

And that's the key. They're asking for another bailout or more loan forgiveness. I'm sure Obama will provide; he's tied himself too closely to this restructuring for it to fail.

posted by Gabriel Malor at 10:50 AM

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A GM bankruptcy filing could send shock waves across America as it further slashes employees, voids contracts with suppliers and dealerships it deems unnecessary and reduces debt owed to banks, bondholders and others, who would be forced to absorb losses. And that's the key. They're asking for another bailout or more loan forgiveness. I'm sure Obama will provide; he's tied himself too closely to this restructuring for it to fail. posted by Gabriel Malor at 10:50 AM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments [/i][/b]andycanuck (hovnC)[/s][/u]: "Maral Salmassi @MaralSalmassi Despite claims made ..." jimmymcnulty: "Are Australian pizzas served upside down. Asking ..." Viggo Tarasov: "Hey, that tweezer thing can really pluck someone u ..." Eromero: "322 German police valiantly confiscating a Swiss A ..." 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