Bankruptcy Looms over General Motors
Tag : ntd, ntdtv, news, bankruptcy, looms, motors, gm, general, parties, filing, company, going, government, other, early
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- Added : 160 days ago |
- Views : 8 |
- Favorites : 0 |
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- Category : News
- Provider : http://youtube.com
- Description : GM's bondholders rejected a plan th...(more)at would have given them 10 percent of the company in return for $27 billion dollars in debt. GM faces a government imposed June 1st deadline to restructure its debt.
But even if GM does file for bankruptcy, steps taken now can make the process less painful.
[Rebecca Lindland, IHS Global Insight]: "We don't think that GM is going to be filing early because there are other outside issues, other parties such as the UAW. We expect them to ratify the new contract today and tomorrow so the votes aren't even going to be counted until sometime on Friday so we don't expect GM to be filing early. The more parties that they have settled before they go into bankruptcy court, the better off they will be."
Under the current plan, after a likely bankruptcy, the government will own the majority of the company. (less)
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