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.............
Even China is embracing free market capitalism.
Technically the government owns GM. This just finalizes the sale.
You don’t think like an American, neither do you write like one.
Where are you from, and how do you stand to profit from the spread of communism? We all want to know.
I agree. There is something not right about it. Obama and his executive thugs are doing somethings that are not right, and I believe that threats are being made.Certainly they have been made to bank executives, we do know that much.
Obama is running a huge exortion game.
Your ignorance is total. Your bias is a rind round your brain. You have no clue about what you babble.
LOL. “free traders” use Alisky method to ‘defend’ “free trade” because there is nothing to support any of their vapid talking points.
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