Declaring Bankruptcy To Save Home
Why is GM still ready to declare bankruptcy if we’ve put in so much money to try to save it?
Won’t this just make the recession worse? Also it’s not the union workers fault who are just manual laborers vs. upper management who allegedly actually come up with ideas.
http://www.bloomberg.com/apps/news?pid=20601087&sid=af2zdGPHQ0NU&refer=home
I don’t believe GM will actually declare bankruptcy, but will be allowed re-organize into two divisions: One will hold Chevrolet, Cadillac, GMC trucks and the newer plants. The other will hold Saab, Saturn, Buick, Pontiac and Hummer until these divisions are sold. The current shareholders and bondholders will own the “Old GM” or division 1. The consortium of banks that fund the reorganization will own division 2 and it will be private. The Old GM will supply the new GM until alternative suppliers are found. At some point, when the banks get their initial investment back with a nice profit, shares of the New GM will be sold to the public.
San Diego Short Sale Specialist Matt Battiata | Alternative to Foreclosure
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