Posted on 03/03/2009 8:09:20 PM PST by re_tail20
General Motors said on Tuesday that its European arm could run out of money by as early as next month, putting up to 300,000 jobs on the continent at risk.
Fritz Henderson, the struggling Detroit carmaker’s chief operating officer, said that GM would face a liquidity crunch “early in the second quarter” if emergency funds from European countries did not materialize.
“We would try to stay alive, but there’s no guarantee we could stay alive,” Mr Henderson told reporters on Tuesday at the Geneva motor show. “We would become insolvent at that point.”
Drawing a direct line between its pleas for government aid and possible factory closures, GM estimated that its excess capacity in Europe stood at 30 per cent, meaning it had three plants too many on the continent.
(Excerpt) Read more at ft.com ...
wonder how many jobs would be at risk in the EU from the chain-effect of major gm layoffs. I have read that the multiple is impressive.
Isn’t it really just a matter of time?
But I thought the VOLT would revolutionize the car industry /s
1) declare bankruptcy now
2) cancel the blood-sucking union contracts
3) keep going profitably
Geez, GM isn’t even hiding it’s motives anymore.
They’re now actively promoting their extortionist agenda.
IE - Your money or your life! (in reality, your money or those 300,000 jobs!)
The Volt will — it should have come out in Dec 2007, then GM wouldn’t have been in such a mess
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