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VMax2007

By VMax2007
in Future GM News & Rumors

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VMax2007 Senior Enthusiast

VMax2007

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Looks like we may have more to talk about Monday......

 

Breaking: Obama to Announce Bankruptcy Deadline Monday

GM, Chrysler to get deadline to comply with debt reductions.

 

As the mainstream media has been reporting, Monday the Obama Administration is supposed to announce plans for the future of General Motors and Chrysler. Both companies have received several billion in U.S. government-backed loans in order to avoid having the two auto giants fall into bankruptcy protection. Tonight GMInsidenews is burning the midnight oil because our sources have told us that Monday the final straw is going to be announced by the Obama Administration in regards to GM and Chrysler; that plan, we're told, is going to include a bankruptcy deadline for both companies.

 

GM CEO Rick Wagoner arrived in Washington D.C. today to meet with President Obama's Auto Task Force, the group responsible for overseeing the U.S. automotive industry (namely GM and Chrysler) to see that the two corporations are restructuring in a correct and timely manner. GMI is told that Rick will be staying in D.C all weekend in an effort to pitch GM's restructuring story as much as possible. However, it has been decided that Monday will bring an announcement of a specific date in which GM must have the issues with the United Auto Workers and GM's bondholders resolved, or General Motors will fall into a government-backed pre-packaged Chapter 11 bankruptcy filing.

 

GMI has been told that this is an effort by the Administration to prod the bondholders of both companies to comply to debt-to-equity swaps in an effort to reduce their debt. We're also told that a pre-packaged bankruptcy would lead to the UAW and federal government getting most of the voting power surrounding GM because the loans GM has from the U.S. government are considered secured (backed by assets). Most of GM's other debt is not secured by assets. The UAW VEBA obligations are also considered unsecured debt, but would make up 60% of GM's unsecured debt. Bondholders whom hold secured debt get first dibs and more voting power in a bankruptcy scenario.

 

 

....And to all of the whiners whining about the Gov't Bailout Loans, I found the part I bolded above interesting. :D

Darkanion Senior Enthusiast

Darkanion

Posted
Posted

The last few days, everytime I've heard anything about GM & Chrysler, the word "restructure" has been used... That makes me think they're being pushed towards a Ch 11 re-org...

 

Other than that, not much else to say on it.

 

With all the money that has been floated around to banks, etc.. I don't see why they would "let" GM & Chrysler fail.

pennzoil29 Senior Enthusiast

pennzoil29

Posted
Posted
The last few days, everytime I've heard anything about GM & Chrysler, the word "restructure" has been used... That makes me think they're being pushed towards a Ch 11 re-org...

 

Other than that, not much else to say on it.

 

With all the money that has been floated around to banks, etc.. I don't see why they would "let" GM & Chrysler fail.

:D

Ryan00TJ Enthusiast

Ryan00TJ

Posted
Posted

IMO Chap 11 is the only way out. The current situation is plain and simple. They are losing money on every single vehicle that rolls off the dealership lot. Until they are doing the exact opposite of what I just said, they will be in trouble. Ch11 is the only way they will be able to deal with the UAW and cut down on operating costs. Hopefully it will not tarnish the image and buyers will keep coming into the showrooms.

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