Bankruptcy likely for GM

Published on May 27, 2009; Published on July 10, 2009
The Associated Press ~ staff The News

Topics :: General Motors Corp. , University of Michigan , DETROIT

DETROIT -

A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on today a plan to swap bond debt for company stock.
GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labour cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange US$27 billion in unsecured debt for 10 per cent of the company's stock had failed. GM has received $19.4 billion in federal loans.
GM shares lost 16 cents, or 11.1 per cent, at $1.28 in premarket trading.
John Pottow, a professor at the University of Michigan who specializes in bankruptcy, said GM evading bankruptcy now is almost impossible.
"They said no. That's it. They tried. That's why they're going to have to file for bankruptcy,'' Pottow said.

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Lynn

- September 18, 2009 at 14:58:54

I agree with Shane...
Like Seriously sir nerlington!?!?!?!
Have you even been overseas?
Alot of those roads in european towns arent large enough for the big 3 ridiculous oversized vechiles... and the price of gas out there is retarded... you think we pay alot, they pay alot more! So of course they dont want vechiles that suck gas, they want small, compact, lil, cars.
Get with the times!
I really dont see them driving around in hummers (which are horrendus!) on their wee lil streets!

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sir nerdlington

- September 18, 2009 at 14:58:35

This is free trade at work. Great for other countries, sucky for us. If Toyota, Mazda, Honda, Nissan, Kia, etc... HADN'T gotten full access to sell cars here wherever they want, GM, Ford, and Chrysler would all still be ok.

But, those companies have the ability to sell their vehicles anywhere they see fit in Canada, unlike GM, Ford and Chrysler who cannot just go and sell vehicles so easily in the countries these other companies come from.

Free trade, indeed.

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What?

- September 18, 2009 at 13:57:25

Let the greedy pigs fail.

Stupid is as stupid does.

Give me a plug in electric car!

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Born in Moose Jaw

- September 18, 2009 at 13:57:06

Give me a GMC anytime over one of those ugly little imports. Geesh, a strong Saskatchewan wind and you'd be off the road in a flash. I love my Jimmy! Have always had a Ford or GMC, no import for me. I agree with Sir Nerdlington. Stop buying those imports and keep Canadian companies alive people, (and the jobs)!!!

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Shane

- September 18, 2009 at 13:03:28

Are you kidding me sir nerdlington...the big three have just as much right to sell their vehicles in Japan as Japan does here...the reality is that nobody wants a gas guzzling Hummer in Kyoto...GM can't sell products easily in other countries because their product lines are behind the times and not in line with what consumers want...if they had the products people actually wanted it would not matter how many Kia dealerships there were in Canada now would it?

As someone who recently worked in a North American owned car dealership I can tell you that the problems are far more systemic than a band of foriegn invaders and were there no Kia or Mazda etc. the consumer would simply be forced to buy an even crappier product at an even crappier price. I'm not going to say that every dealership is like this but the one I worked at specifically had very little respect for the consumer...my job was to tell them what they wanted and rope them in on payments for as long as possible...my job should have been to LISTEN to what they wanted and to give them a fair but still profitable payment system that may have lent itself to CUSTOMER RETENTION...quite often people wind up going to Mitsubishi and Honda etc. because they bought North American first and the whole experience left a bad taste in their mouth.

You are delusional and you should trade in your North American brain for a Japanese one.

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