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Filed under: Government/Legal, Chrysler, LLC., GM



Detroit's danse macabre on Capitol Hill continues this week, as General Motors and Chrysler prepare to unveil their so-called "viability plans" to the Treasury department in order to gain access to additional taxpayer funds. Without additional bailout money, neither company is in a position to continue existing on its own, making bankruptcy the logical next step.

The Wall Street Journal reported yesterday that General Motors, once very outspoken against the mere concept of the B-word, may now actually present it as an option - assuming the federal government would be willing to bankroll the debtor-in-possession financing that would need to accompany a Chapter 11 filing. According to the Journal, in this scenario, GM's "viable assets " (unspecified U.S. brands and its international ops) would then be reorganized into a new company. Everything else would get liquidated or sold off in bankruptcy court. While no names are mentioned, it doesn't take a Harvard MBA to know what's potentially on the chopping block. Of course, the other option is for the government to maintain the status quo and simply give GM more bailout money to let it continue operating.Continue reading REPORT: GM considering Chapter 11 filing that would create new company, UAW walks away from negotiating table

REPORT: GM considering Chapter 11 filing that would create new company, UAW walks away from negotiating table originally appeared on Autoblog on Sun, 15 Feb 2009 09:47:00 EST. Please see our terms for use of feeds.



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