I’ve been trying to verify as well and have come up with nothing......HOWEVER, I found this breaking this evening. The writing is on the wall, folks!
http://zerohedge.blogspot.com/2009/03/gm-is-36-short-of-march-sales-quota.html
Rumors of bankruptcy or going out of business entirely...and surprise...sales drop!
Who in their right mind would think of buying GM/Ford/Chrysler now?
If they aren't going to be around....why bother.
If the car breaks down, who really wants a gov't backed warranty program to fix it? It'll take twice as long and cost twice as much, IF it can be fixed at all.
You'll have to hire a private mechanic to fix the government mechanic's mistakes
Automakers and their union vampires brought this upon themselves.
Screw them and their new CEO...aka President Obama...
"IF IT AIN'T BROKE, FIX IT UNTIL IT IS" President Obama's new motto.
Under a plan being worked out by the administration, G.M. would file for prearranged bankruptcy, according to these people. It would then use a sale authorized under Section 363 of the bankruptcy code to quickly sell off the desirable assets to a new company financed by the government. These good pieces might include Cadillac and Chevrolet, as well as assets the company needs to run the business.
Less desirable assets, brands like Hummer and underperforming factories, would be left in the old company. Proceeds from the sales, including stock in the new company, would be given to the old G.M., helping to settle claims.
http://www.nytimes.com/2009/04/01/business/01bankruptcy.html?hp
The administration hopes to win support from some of G.M.’s creditors, notably the United Automobile Workers, which would be forced to pare its health care benefits and whose pension obligations would probably remain in the old company. But the bankruptcy code allows a judge to approve a sale even over creditor objections in an emergency under Section 363, legal experts say.
The government’s plan to dictate terms as the provider of G.M.’s bankruptcy financing — known as a debtor-in-possession loan — is not without risk.
“You’re introducing politics into the process,” said David A. Skeel, a law professor at the University of Pennsylvania.