Could this be the end of GM? Automotive News is reporting that GM is considering Chapter 11 filing and starting a new company. It would take all of GM’s viable assets, U.S. and international operations, info a new company and liquidated the undesirable assets. This is all because of the Tuesday deadline to file restructuring plans to the government in exchange for $17.4 billion in federal loans to GM and Chrysler. GM is still in talks with bondholders and UAW to restructure the $28 billion in debt. However it’s unlikely a deal will be reached by Tuesday.
My own personal opinion, go for it GM! I love GM cars, but as long as the UAW is part of GM, I say it’s time to move on. Can you image what GM could do if they were building the cars just like Toyota and Honda?
Source: autonews.com
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