Can someone here explain why they are so reluctant to file for reorganization? Then they can use the courts to unload a lot of union obligations and become more competitive.
Me thinks the unions pay the top brass at GM and the demorats big money to leave them alone
The theory is that since reorganization financing is dried up, that if GM goes into bankruptcy that they will be liquidated and cease to exist.
I'm starting to wonder if I'm suddenly living in the Twilight Zone. It seems to me that I have read about companies heading to court more than once to reorganize, then rereorganize and so on and so on. Then, eventually, if they supply a product where there is a demand, they emerge ready to take on new challenges.
Is there something in the law preventing GM from accessing this?
It seems to me that there are plenty of things GM can do, and "bailout" should not be on the list.
Those big salaries and bonuses and travel junkets would go.
The UAW has had the rat party on retainer for generations. It is payback time, and democrat pols will pay.
If bankruptcy is filed, many suppliers will go out of business. Upon reorganization, there will be fewer product lines, fewer workers and pay and benefits will be perhaps half of what they are now. Michigan, Ohio will have depression era unemployment. The two will probably go bankrupt as well.
The democrat party will do all in its power to prevent this scenario.