GM considering Chapter 11 filing, new company: report

[Ladywriter 7,783]

Sat Feb 14, 2009 12:28pm EST

CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.

"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."

Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.

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[Sledgstone 8,672]

I can't believe they let their company fall this far.

"I love the money fire." X'D

[Myk JL 1,731]

I just realised the GWB Administration was all about the Ass Hole...