GM has plans for bankruptcy; details leaked...

[Prince Valiant]

This doesn't mean it's for certain...but strongly likely that they'll be filling:

http://www.reuters.com/article/merge...43363120090519

NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.

The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims.

GM has about $6 billion in secured debt, including a secured revolving credit and bank debt.

The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.

The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.

If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.

Setting up a new company to buy the healthy assets is aimed at reassuring consumers who might not be willing to make a major purchase from a bankrupt company, fearing it would not honor warranties or provide service.

The board of the new company would be established with the tacit approval of the government. Fritz Henderson, who took the helm of GM earlier this year after the government pushed out Rick Wagoner, would likely head the new company, the source said.

GM could not be immediately reached for comment.

[dsireme]

Guess you can kiss the C7 goodbye.

[Karps TA]

Buy a Ford they're our last hope. lol

[Windsors 03 Cobra]

Obama Motors

[dsireme]

Buy a Ford they're our last hope. lol

For how long???

[lordairgtar]

"plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday."

WTF??? How is this a good idea? And having a Union own part of the company? How can a company and employees bargain in good faith on anything?

[Holeshot]

I heard this two weeks ago. A good friends father has been with GM upper management in Detroit for years.

[Waver]

I guess this means my job is more secure than before

[T-Bag]

Lol owned by the government. What a fucking crock of shit.

[Waver]

that is what happens when you spend money like an ass and take the government's "free" money

[TransAm12sec]

Didn't think this would happen 20 years ago.

[00FlowCamaro]

Its funny how the gov't loans out the taxpayers money without the taxpayers taking a vote. We voted Barack in and we can take him out. We should have been able to approve the loan and we should have a say in what the fuck is going on with GM. We pay the gov't officials and we buy cars from GM, we should be able to say what the hell is going on with them and not Barack, fuck that guy. He wants to raise the avg car MPG to 35.5 by 2016 and trucks to like 30 mpg, its what he wants and not what we want. Sure some people like their gas saving vehicles, but not me. It's just the beginning of the muscle car rivalry again and he's gonna take it away.

[Waver]

Dont include me in that, I didnt vote him in......I knew this would probably happen.....I saw this way before the election, because the democtats in the house and the senate didntdo what was needed to keep american dollars here when the gas prices went up. I dont want any part of obama, doyle, or any other tool who thinks government involvment is needed in saving companies....what they should of done is allow us to drill our oil reserves, thus keeping the price of gas low, hell lower than what it has been in years. but they didnt and look at what we got.

[00FlowCamaro]

Dont include me in that, I didnt vote him in......I knew this would probably happen.....I saw this way before the election, because the democtats in the house and the senate didntdo what was needed to keep american dollars here when the gas prices went up. I dont want any part of obama, doyle, or any other tool who thinks government involvment is needed in saving companies....what they should of done is allow us to drill our oil reserves, thus keeping the price of gas low, hell lower than what it has been in years. but they didnt and look at what we got.

Shit, we don't need to tap the resource in the U.S. to have an abundant supply. Supply is high and demand is low, but yet for some reason gas went from $1.50 a gallon to $2.40 now here in Watertow, its retarded. All because some idiots believe we will demand more in the future.

I feel sorry for those idiots that voted Obama in and now they regret it. Fuck that, I don't feel sorry for them. I want impeachment to come so bad.

[tommyt5078]

Obama Motors

Super sweet !!!!!

[URLOZIN]

I didn't vote for him because I knew something like this would happen.

[Goat Roper]

Well look at it this way, GM won't could not be run any worse than what it was before. A class of third graders could take it over as a project for school and run it better.

[Neal Steffek]

Its funny how the gov't loans out the taxpayers money without the taxpayers taking a vote. We voted Barack in and we can take him out. We should have been able to approve the loan and we should have a say in what the fuck is going on with GM. We pay the gov't officials and we buy cars from GM, we should be able to say what the hell is going on with them and not Barack, fuck that guy. He wants to raise the avg car MPG to 35.5 by 2016 and trucks to like 30 mpg, its what he wants and not what we want. Sure some people like their gas saving vehicles, but not me. It's just the beginning of the muscle car rivalry again and he's gonna take it away.

I like this guy.

[Sprayaway Fox]

Sooo, are taxpayer money basically just gave them a orderly bankruptcy. Instead of "hey were bankrupt" Nice Job Obama

I was looking at GM stock and theres a rumor that for every 100 shares a person has you are supposedly going to get 1 new share after the bankruptcy. Im loving the "change"

[Holeshot]

Well look at it this way, GM won't could not be run any worse than what it was before. A class of third graders could take it over as a project for school and run it better.

LETS GO FOR IT !!!