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Chrysler & GM both filing for Bankruptcy?
NBC Detroit

Posted on 03/31/2009 8:32:44 PM PDT by kcvl

Chrysler & GM both filing for Bankruptcy....

GM is filing Chapter 11....

Chrysler is going to be sold off in pieces..

Toyota is closing many plants in The USA...


TOPICS: Your Opinion/Questions
KEYWORDS: automakers
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Per NBC Detroit
1 posted on 03/31/2009 8:32:44 PM PDT by kcvl
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To: kcvl

Do all the union contracts go “poof” under these filings?


2 posted on 03/31/2009 8:33:56 PM PDT by icwhatudo
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To: kcvl

Given the proposed tax increases and the potential of Card Check appearing in the next two years (mandatory unions, folks), can you blame Toyota? Hell, can you blame anyone?


3 posted on 03/31/2009 8:34:36 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: icwhatudo

All contracts become null and void, yes.


4 posted on 03/31/2009 8:34:54 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: icwhatudo

Anyone else hear this?!


5 posted on 03/31/2009 8:35:31 PM PDT by kcvl
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To: kcvl

You’ve heard the old saying, “As General Motors goes, so goes the nation”?

Obama is tearing this country apart while America sits in stunned silence.


6 posted on 03/31/2009 8:35:39 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: kcvl

WOW. If GM is truly heading into chapter 11, that is good news. Hopefully they can break the UAW once and for all.


7 posted on 03/31/2009 8:36:39 PM PDT by St. Louis Conservative
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To: kcvl

The Big 3 should have filed for bankruptcy protect and reorganization BEFORE Obama began his socialist rule. They could have cleaned up the union millstone around their necks and started producing quality vehicles at competitive prices as Toyota and Honda can.

Simply, it could have saved them. Bad management decision.


8 posted on 03/31/2009 8:38:20 PM PDT by EagleUSA
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To: Windflier

That was Charlie Wilson, Eisenhower’s SecDef and former head of GM in the 40s!

The quote was “What’s good for GM is good for the nation.”

Charlie must be rolling in his grave about now.


9 posted on 03/31/2009 8:38:28 PM PDT by Dick Bachert
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To: Windflier

If this true and verified as such before 930am ET toomorrow, look for the market to have its wirst day since Lehman went belly up; 800 - 1000 points down.

That stunned silence will change to quiet rage if this keeps up for another 6 months. Another year and all bets are off.


10 posted on 03/31/2009 8:40:43 PM PDT by L,TOWM (Liberals, The Other White Meat)
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To: EagleUSA

I can’t find anything else on it! So, I wonder if it’s true?!


11 posted on 03/31/2009 8:40:48 PM PDT by kcvl
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To: kcvl
Toyota is closing many plants in The USA...

Okay that one hurts, but business wise makes sense. Get out now while they ahead.

12 posted on 03/31/2009 8:41:01 PM PDT by Domandred (Hope is the first step on the road to disappointment.)
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To: kcvl

Hopey Changey in action.


13 posted on 03/31/2009 8:41:11 PM PDT by Post Toasties (Conservatives allow the guilty to be executed but Lefties insist that the innocent be executed.)
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To: kcvl

Toyota closing plants .. that doesn’t make sense. Cutting production is one thing, but closing ?


14 posted on 03/31/2009 8:41:39 PM PDT by libh8er
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To: Post Toasties
Hopey Changey in action.

and yet his approval continues to soar.

15 posted on 03/31/2009 8:42:23 PM PDT by libh8er
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To: kcvl

Have they cleared this wit Obama?

CAN they file bankruptcy without the Gubmint declaring bankruptcy, now that they are the new proprietors?

It doest smell right, but it smells like a fights brewing.


16 posted on 03/31/2009 8:42:58 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: EagleUSA

Exactly. Obama and Co will trump this if its true. After all...”WE OWN YOU”


17 posted on 03/31/2009 8:44:36 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: kcvl

18 posted on 03/31/2009 8:45:11 PM PDT by Free ThinkerNY ((((Truth to a Liberal, is like a crucifix to a vampire))))
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To: kcvl

None of the Detroit papers online, nor the radio stations that I’m streaming live, have said anything about this.


19 posted on 03/31/2009 8:47:13 PM PDT by Azzurri
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To: kcvl
"Anyone else hear this?!"

It is the obvious guess and even a good bet after The Obamunnist put the full faith and credit behind GM warranties.

This after the world was told bankruptcy would only reduce sales because prospective buyers would fear bogus warranties.

Warranties guaranteed, Hussein skips the country, GM bankruptcy rumors abound.

yitbos

20 posted on 03/31/2009 8:48:40 PM PDT by bruinbirdman ("Those who control language control minds.")
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To: kcvl

This car industry revival brought to you courtesy of new CEO Barack Obama.


21 posted on 03/31/2009 8:49:25 PM PDT by behzinlea
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To: kcvl
Video here

But...HEADLINE IS MISLEADING...as has been said all along...story is that bankruptcy is an OPTION.

Don't get me wrong...I hope they do declare bankruptcy. Actually, since Obama seems to think he knows how to be a CEO better than anyone else in America, I hope GM goes completely under...

...but...the headline of this thread is misleading...for now.

22 posted on 03/31/2009 8:49:51 PM PDT by NorCoGOP (Recession: friend loses his job. Depression: You lose your job. Recovery: Obama loses his job.)
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To: libh8er
and yet his approval continues to soar.

Define 'soar.' His negatives have doubled since his teleprompter was installed in office.

23 posted on 03/31/2009 8:52:28 PM PDT by mplsconservative
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To: NorCoGOP

That is why there is a question mark in the headline!


24 posted on 03/31/2009 8:53:00 PM PDT by kcvl
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To: L,TOWM
That stunned silence will change to quiet rage if this keeps up for another 6 months. Another year and all bets are off.

Another 6 months? The pressure relief valves of the society are all going to explode before then.

GM going into Chapter 11 and Chrysler being sold off in pieces is the single greatest assault to the free market this nation has ever witnessed. The country is going to have a conniption over this, with emotions spread across the spectrum, from deepest apathy, to explosive rage.

We may not even get through Spring without widespread civil unrest, at this pace. Our country is literally being broken to bits by the Obama mis-administration.

A major chapter of American history will be written by this time next year. Mark my words.

25 posted on 03/31/2009 8:53:01 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: kcvl

I’ve been trying to verify as well and have come up with nothing......HOWEVER, I found this breaking this evening. The writing is on the wall, folks!

http://zerohedge.blogspot.com/2009/03/gm-is-36-short-of-march-sales-quota.html


26 posted on 03/31/2009 8:54:30 PM PDT by Boanarges
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To: mplsconservative

There were some polls out today that Rush was talking about , think Rasmussen was one of them .. which said people (aka “the mob”) are firmly behind Obama’s economic policies.


27 posted on 03/31/2009 8:55:10 PM PDT by libh8er
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To: Dick Bachert
The quote was “What’s good for GM is good for the nation.”

Thanks for correcting that. I still believe he was correct in that statement.

The corollary, of course, is that what's bad for GM is bad for the nation. We know that the UAW is what's driven GM and the other big car companies close to oblivion. They'll do the same thing to the whole nation, if they're allowed to.

I can only hope that GM will come out stronger and leaner after Chapter 11 restructuring. It's anyone's guess though, with Obama at the wheel.

28 posted on 03/31/2009 8:58:52 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: L,TOWM
"If this true and verified as such before 930am ET toomorrow, look for the market to have its wirst day since Lehman went belly up; 800 - 1000 points down."

GM only has a cupla hundred billion in bond debt outstanding.

The $25B "loans"/"bailout" from The Obammunist let a lot of his comrades cash in. Even a loss will be a fortune compared to what the bonds will be worth in bankruptcy.

yitbos

29 posted on 03/31/2009 9:01:52 PM PDT by bruinbirdman ("Those who control language control minds.")
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To: kcvl
Chrysler & GM both filing for Bankruptcy....

GM is filing Chapter 11....

Chrysler is going to be sold off in pieces..

Headline had ?, yes...but your post body seemed to contradict....

Thanks for clarifying.

30 posted on 03/31/2009 9:02:03 PM PDT by NorCoGOP (Recession: friend loses his job. Depression: You lose your job. Recovery: Obama loses his job.)
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To: NorCoGOP

Ya, Obama can be the CEO of General Motors. He never ran any business, or had any management experience of any kind before he became president. He has had his management problems, shall we say, since he’s been president.

Yep, I know it strains believability that Obama knows what the heck do with GM and Chrysler. He has no clue about how business works, or any clue about how a business in trouble can turn around.


31 posted on 03/31/2009 9:02:12 PM PDT by Dilbert San Diego
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To: St. Louis Conservative

I do too, but I can’t belive BHO is going to let this happen...


32 posted on 03/31/2009 9:02:15 PM PDT by bigbob
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To: kcvl; tubebender

Here we go.


33 posted on 03/31/2009 9:03:57 PM PDT by SouthTexas (When in the Course of human events it becomes necessary for one people.....)
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To: Boanarges
This goes under the "Well DUH" file, I guess...

Rumors of bankruptcy or going out of business entirely...and surprise...sales drop!

Who in their right mind would think of buying GM/Ford/Chrysler now?

If they aren't going to be around....why bother.

If the car breaks down, who really wants a gov't backed warranty program to fix it? It'll take twice as long and cost twice as much, IF it can be fixed at all.

You'll have to hire a private mechanic to fix the government mechanic's mistakes

Automakers and their union vampires brought this upon themselves.

Screw them and their new CEO...aka President Obama...

"IF IT AIN'T BROKE, FIX IT UNTIL IT IS" President Obama's new motto.

34 posted on 03/31/2009 9:08:12 PM PDT by NorCoGOP (Recession: friend loses his job. Depression: You lose your job. Recovery: Obama loses his job.)
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To: Dilbert San Diego
In my previous post:

"IF IT AIN'T BROKE, FIX IT UNTIL IT IS" President Obama's new motto.

I used to laugh at that standard government joke...

...until I realized the joke (Obama) is on US.

35 posted on 03/31/2009 9:10:06 PM PDT by NorCoGOP (Recession: friend loses his job. Depression: You lose your job. Recovery: Obama loses his job.)
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To: kcvl

‘Bout time.


36 posted on 03/31/2009 9:11:09 PM PDT by Salvation ( †With God all things are possible.†)
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To: bruinbirdman

“I can take a crap inside a box, and write guarantee on the the side of the box, but at the end of the day, you still have a box of crap”

Tommy Callahan


37 posted on 03/31/2009 9:19:43 PM PDT by reagandemocrat
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To: Salvation

I can’t find anything else about it but this...

U.S. Plan Sees Easing of G.M. to Bankruptcy

The government is seeking to ease General Motors into what it calls a “controlled” bankruptcy, somewhere between a prepackaged bankruptcy and court chaos, by persuading at least some creditors to agree to a plan that would cleave the company into two pieces, according to people briefed on the matter.

G.M.’s new chief, Fritz Henderson, also said that the pressure from the government pushed the automaker closer to bankruptcy.

“By no later than June 1, if we’re not able to accomplish this outside bankruptcy, we’ll be in bankruptcy,” he said at a news conference in Detroit on Tuesday. “It’s pretty clear. The government was unequivocal.”

http://www.nytimes.com/2009/04/01/business/01bankruptcy.html?hp


38 posted on 03/31/2009 9:23:13 PM PDT by kcvl
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To: kcvl

Check the calendar people...


39 posted on 03/31/2009 9:26:24 PM PDT by chadwimc (Proud to be an infidel ! Allah fubar !!!)
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To: Boanarges

Under a plan being worked out by the administration, G.M. would file for prearranged bankruptcy, according to these people. It would then use a sale authorized under Section 363 of the bankruptcy code to quickly sell off the desirable assets to a new company financed by the government. These good pieces might include Cadillac and Chevrolet, as well as assets the company needs to run the business.

Less desirable assets, brands like Hummer and underperforming factories, would be left in the old company. Proceeds from the sales, including stock in the new company, would be given to the old G.M., helping to settle claims.

http://www.nytimes.com/2009/04/01/business/01bankruptcy.html?hp

The administration hopes to win support from some of G.M.’s creditors, notably the United Automobile Workers, which would be forced to pare its health care benefits and whose pension obligations would probably remain in the old company. But the bankruptcy code allows a judge to approve a sale even over creditor objections in an emergency under Section 363, legal experts say.

The government’s plan to dictate terms as the provider of G.M.’s bankruptcy financing — known as a debtor-in-possession loan — is not without risk.

“You’re introducing politics into the process,” said David A. Skeel, a law professor at the University of Pennsylvania.


40 posted on 03/31/2009 9:27:15 PM PDT by kcvl
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To: chadwimc

Lawmakers briefed on the subject told the news agency Obama is also ready to let Chrysler face bankruptcy and be sold off piece-by-piece if it is unable to form an alliance with Italian automaker Fiat.

The “quick and surgical” bankruptcy option that was said possible when the president declared the automakers’ viability plans insufficient on Monday now appears to be inevitable, members of Congress and unnamed sources said.

http://www.foxnews.com/politics/2009/03/31/sources-say-bankruptcy-looms-gms-future/


41 posted on 03/31/2009 9:29:31 PM PDT by kcvl
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To: icwhatudo

Henderson calls for ‘reinvented’ GM
Apr 01

GM is to close more car plants, lay off more workers and speed up consolidation of dealers in response to the US government’s demand for faster restructuring, its new chief executive said Tuesday. Just days after taking over from ousted chief Rick Wagoner, Fritz Henderson said there was a need to “reinvent GM” within 2009. He again raised the prospect of bankruptcy filing if GM cannot secure agreement with the auto workers union and its bondholders by June 1.

http://ftalphaville.ft.com/blog/2009/04/01/54277/henderson-calls-for-reinvented-gm/


42 posted on 03/31/2009 9:31:36 PM PDT by kcvl
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To: Salvation

NEW YORK (Reuters) - A possible bankruptcy plan being discussed for General Motors (GM.N) includes quickly forming a new company of the automaker’s most profitable parts, while a group of other units would remain under bankruptcy protection for a longer period, a source familiar with the plans told Reuters on Tuesday.

GM also would seek to have a new deal in place with the United Auto Workers union prior to any bankruptcy filing, the source said.

Under the plans being considered, GM would seek to quickly move its most profitable units into a new company separate from its other units in the early days of the bankruptcy filing, said the source who asked to remain anonymous because the person was not authorized to speak to the media.

The aim would be to show consumers, taxpayers, and the government that the new GM can survive and compete in the autos sector as a viable company, the source said.

http://www.reuters.com/article/businessNews/idUSTRE53005220090401


43 posted on 03/31/2009 9:34:09 PM PDT by kcvl
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To: Dick Bachert
rolling in his grave

Drucker too.

44 posted on 03/31/2009 9:35:18 PM PDT by drubyfive
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To: libh8er

Yeah, I’ve seen the polls. It’s unfortunate these people are either willfully ignorant or full-fledged marxists.

What the little ignorant guy doesn’t understand is his vote for obama is going to dry up the local food shelf when he’s out of a job and other charity functions. Obama’s going to bleed working class Americans to death so we’ll just be able to take care of our own, barely, and not afford to give to charity.

It’s becoming crystal clear to me that is his intention. The Mob, as you quoted Rush, have no idea about the lit piece of dynamite they are holding in their hands. Kiss freedom goodbye.


45 posted on 03/31/2009 9:36:48 PM PDT by mplsconservative
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To: Spktyr

Suppose that Obama dangled bailout money in front of GM to get control. Then he kicks out Wagoner and the board, closes the profitable, Southern, non-union shops, and then, when GM goes bankrupt anyway, has his ‘team’ of CEO and board declare the union contracts off the table. Was this the game all along? To protect the union contracts when the company was going bankrupt?


46 posted on 03/31/2009 9:42:47 PM PDT by sportutegrl (If liberals could do math, they would be conservatives.)
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To: NorCoGOP

“You’ll have to hire a private mechanic to fix the government mechanic’s mistakes”

Change some words from mechanic to Doctor and you are discussing health care,


47 posted on 03/31/2009 9:44:07 PM PDT by JSteff (It was ALL about SCOTUS. Most forget about that and HAVE DOOMED us for a generation or more.)
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To: JSteff

I’m not so sure...the way government oversight works, a Mechanic just might get hired on to be a doctor...


48 posted on 03/31/2009 9:45:39 PM PDT by NorCoGOP (Recession: friend loses his job. Depression: You lose your job. Recovery: Obama loses his job.)
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To: sportutegrl

Except they haven’t closed the few Southern plants, just some of the Northern union ones.

And even then - if they do that, Obama would piss off his core, the unions.


49 posted on 03/31/2009 9:49:18 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: kcvl
GM is worldwide. Has anyone thought of the other couple of hundred GM properties/entities worldwide?

Company overview General Motors GMT800 car assembly line.General Motors currently employs approximately 266,000 people around the world. GM's global headquarters is the Renaissance Center located in Detroit, Michigan, United States. In 2007, 9.35 million GM cars and trucks were produced in 19 different countries.[6] GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea and has had many collaborations with the world's various automakers. This includes product, powertrain and purchasing collaborations with Suzuki Motor Corp. and Isuzu Motors Ltd. of Japan, advanced technology collaborations with Toyota Corporation and BMW AG of Germany and vehicle manufacturing ventures with several of the world's automakers including Toyota, Suzuki, Shanghai Automotive Industry Corporation. of China, AvtoVAZ of Russia, Renault SA of France, and most recently, UzAvtosanoa of Uzbekistan. GM also had collaborations with Fiat S.p.A (see GM/Fiat Premium platform) and Ford Motor Company. To this day, GM retains various stakes in many different automakers.

yitbos

50 posted on 03/31/2009 9:50:03 PM PDT by bruinbirdman ("Those who control language control minds.")
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