Seriously, I will miss owning GM cars.
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.............
Marxism is one the move.
Suburban, Tahoe, Cadillac, Silverado pickup.. I will move to Toyota (Highlander) (Lexus) and/or Ford. No way in hell will I ever support GM/UAW again!
Arrrrrrrrggghhhhhhhhhhhhhhh!!!
Actually, I believe Putin himself warned us that we were going socialist too fast and that it wouldn’t work.
http://www.freerepublic.com/focus/f-news/2187964/posts
That may be good for now but after the government nationalizes all of the car companies that is going to be a little hard to do.
And you know it’s coming.
I wouldnt move to Russia but I would buy a Russian car before I would buy a GM.
I remember British Leyland, a/k/a British Motors, maker of the Triumph Spitfire and other fine pieces of junk.
Took ya long enough
LOL! Good one!
Seriously, I will miss owning GM cars.
That's what the outrage-a-day strategy is designed to do.
Yeah, we were assured repeatedly by Bill O’Reilly and some other conservative talking heads tht Odumbo is way too smart and pragmatic to go this route. Why, he is just a moderate pretending to be liberal. I knew that these people were wrong and am waiting for them to admit it.
I’m sick because I just bought a Chevy back in Sept. after owning a Ford. If I had known then what I know now!
There would be about a billion dollars less Federal debit.
;)
Well said. I, like many others, will not buy one of these govenment motors vehicles. I will pay more if I have to to make this stand. I can not support with my money (any more thatn I am forced to) this socialist crap.
Right there told me they are moving more capitalist if they are importing more than they produce. Although they have a long way to go, that is a really good sign. Even nowadays I feel safer with Russia on this planet then Iran. My grandpa still talks about how much Russia has changed compared to the cold war.
Good info though thanks FRiend.
Since we’ll be owning the company, where’s that Tahoe I’ve always wanted?
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