GM Bankruptcy Could Take 90 Days Or More: Official

[newinnm]

Source: CNBC, Reuters and AP

The Obama administration estimates that a General Motors bankruptcy would take at least 60 to 90 days and perhaps longer to complete, a senior official said Thursday.
CNBC.com
General Motors
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The official, who spoke on the condition of anonymity because he was not authorized to discuss the matter publicly, would not confirm a specific bankruptcy scenario, but the government's deadline for any filing is on Monday.

President Barack Obama is expected to discuss the automaker's restructuring at that time, the White House said.

"We will come out of this rid of some of the historic legacy costs that have been dragging us down for the last 20 years or so," GM Vice Chairman Bob Lutz said Thursday at an Automotive Press Association luncheon in Detroit. "We will come out of it with an all new focus on product development."


Read more: http://www.cnbc.com/id/30980818

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"We will come out of this rid of some of the historic legacy costs " translated we are gonna fuck the UAW.


nnnm

[Thrill]

1. Looks like all of them are going to be fucked. Bondholders too

considering, no one is buying their cars. Not sure what else the govt can do. My guess is the UAW would be fucked even more if the govt isn't involved.

[Zynx]

3. Without the government being involved, I would be surprised if the unions got anything at all.

I think the bondholders would just move in and tear the company apart to try to get paid.

[underpants]

2. Have they considered financing it through GMAC?

48 easy payment of ......

[RedCloud]

4. We get gassed by the gas guzzlers.

[Zynx]

5. Of course the union is going to take a hit. In troubled companies unions always have to

give up something if they want their workers to retain employment.