Posted on 05/19/2009 12:29:20 PM PDT by autumnraine
Edited on 05/19/2009 2:07:32 PM PDT by Admin Moderator. [history]
I am speechless. Are we Russia yet?
NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday. The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source. The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims. GM has about $6 billion in secured debt, including a secured revolving credit and bank debt. The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans. In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.
The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.
If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.............
... and take back Congress in 2010 to politically neuter him, if enough voters wake up by then.
For GM...
It is not yet time. The current deadline is June 1. Something must happen by then unless that date is pushed out.
Bondholders must accept the deal by May 26. If the reject in sufficient numbers then there must be bankruptcy unless the government back off and they renegotiate.
Remember, they now operate in foreign countries and have factories and distribution systems outside the US. They are literally handing over the US operation to the government for a soviet style takeover. They are not ‘dead’ , they don’t need the US division anymore.
As for the soviet style car production, in years ago Americans used to marvel that the communist system would force people to wait in line for size 11 shoes. OF course only a few people wore that size, but everyone would line up for them because that was the only shoe available.
This is what Obama is doing to America. We have been so foolish we let the communists eat away our free country. It isn’t so much about the automakers as what the ‘five year plan’ is for America.
You’re joking, right?
.....What’s in it for you? ....
Life, liberty and the pursuit of happiness.....the American dream
.....I suspect you’re not an American. ....
Is it very dark under your rock? You apparently have lost your vision
LOL!!
I need to buy a car, and had been leaning towards a Chevrolet Envoy, since we rented one and liked it. But, not now.
I plan on buying a new 2010 Camaro late summer or early fall. Waiting to see if they are going to bring out the Z-28 model. Can't wait.
“Where’s the uproar from congress ?”
They are currently being mislead about something or other.
I refuse to fund socialism. We’re going to forced by law and by the point of a gun to pay taxes, to fund socialism. I’m not going to voluntarily hand over my money to the mongrel Moslem and his cadre of communists. It’s time for revolt!
This is wonderful; the boys at lunch and Ollie looking daggers at Stan. Perfect!!!
It’ll be a 44 HP hybrid that will look much like a ‘62 Isetta.
What we could be witnessing is backdoor reparations well beyond the hence-to-fore imagined.
A simple decree, outlawing all cars over 5 years old....don't laugh .. it's not out of the question
but they haven’t learned the Russian lessons, they Ignore the fact that Reaganomics work every time it’s tried, lets try it one more time!!!
See.... obama promised new jobs!
Not quite. The 305 hp V-6 '10 Camaro is already out as well as the 454 hp SS model. I'm kinda partial to Z-28's and can't afford the SS model. Z-28's are going to be approx. 385 hp.
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