It was announced this morning...Chapter 11 bankruptcy aims to help GM emerge with only its more profitable plants, brands, dealerships and contracts. Unprofitable plants, contracts and other liabilities that the company can no longer afford will be left behind. The U.S. government will get a 60% equity stake in the new company after restructuring, as well as $8.8 billion in debt and preferred stock. Click here to see some of GM's bad choices...
Monday, June 1, 2009
GM goes bankrupt!
It was announced this morning...Chapter 11 bankruptcy aims to help GM emerge with only its more profitable plants, brands, dealerships and contracts. Unprofitable plants, contracts and other liabilities that the company can no longer afford will be left behind. The U.S. government will get a 60% equity stake in the new company after restructuring, as well as $8.8 billion in debt and preferred stock. Click here to see some of GM's bad choices...
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