That GM Chapter 11 plan?
It's still sounding good.
The U.S. auto industry needs even more help from the government to survive than originally thought.Help
General Motors Corp. on Tuesday said it could need up to $30-billion (U.S.) from the Treasury Department to keep operating. Included in that amount is $13.4-billion the company has already received. Previously, GM had said it could need as much as $18-billion.
GM and Chrysler LLC said Tuesday they'll need billions more in government loans than they predicted just two months ago. The two auto makers also plan further job cuts and additional curtailment of auto production.
Both companies plan to reduce the number of models they offer to car buyers over the next few years.
Gee Aaron, you act like the whole reason that we have bankruptcy law is to allow companies to reogranize and emerge as viable economic entities or something . . .
ReplyDelete. . . and for the record, Chrysler doesn't need to find a buyer, Cereberus does. The media/government is doing a good enough job of pretending that Chrysler is an independent entity, we don't need to help them.
CWD