It is now official.
GM is filing for chapter 11 today.
Basically they are worth$82 billions, but owe $172 billions.
They owe about $50 billions to the federal government.
So there you go…
Click on the title for an actual copy of the Bankrupty petition.
Let’s hope after all this, GM will be a much stronger, leaner company.
Conversation 7 comments
“billions”?? Is that some pseudo-urban speak? it’s billion. $50 billion.
And it’s good that GM finally went bankrupt; perhaps now there will finally be some innovation and competition among suppliers, providing higher quality cars with better parts now that GM won’t be able to dictate decisions, which is always a good thing to the car consumer…
I think a small piece of America just died today.
I’ve never believed in reincarnation, but I’m willing to keep an open mind on this one…
Are you kidding me Vince about ‘GM will be much stronger and leaner company”? The gov’t owns 60% of the new GM. Of course, Congress and the admin (current and future) will meddle in the operation. It will dictate what GM will and will not build. All will be pissed off under political wind.
Nothing good will come out of it. Gov’t cannot run any business.
They were just putting off the inevitable,
It going to be hard to regain consumer confidence into buying from a bankrupt company.
"Gov't cannot run any business." -it even has a hard time running ITSELF efficently and effectively! (But GM had no choice; it had been destroyed by the Unions & Government over-regulation long ago: As GM goes–so goes the country.) And the American Dream. GM's disintegration serves as a symbol of just how much of an ObamaNation our free-enterprise system has become.
Lets see us gets 60%, canadians get 12%, unions get 17% and investors get the rest! LOL
I’ll give it 2 to 3 years and hopefully the us and canadian governments will get tired of dumping billions into it, then, it will go under for good.