Bankruptcy

GM Filing Nears?

By mcbride

?After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration’s bid to reshape a fallen icon of American industry.

Facing a government-imposed June 1 deadline to restructure, GM is scrambling to slash some $27 billion of bond debt, win sweeping cost concessions from the United Auto Workers union and eliminate almost 1,600 U.S. dealers.

But with the clock ticking, experts see it as all but certain GM will follow its smaller rival Chrysler into federal bankruptcy court.?

Here is a link: http://www.reuters.com/article/newsOne/idUSTRE54H6AN20090518

Michael

Full post as published by Texas Lawyer Blog on May 18, 2009 (boomark / email).