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Bankruptcy
: Credit SlipsMovin' Right Along
By Stephen Lubben
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The bankruptcy court has scheduled a first day hearing in GM for 4pm today.
GM won't have any trouble meeting its first "Case Milestone;" it has already filed its sale motion. Unfortunately, the requested bidding procedures include the requirement that any bidder assume the agreements with the Unions. While I understand the politics of this, I've previously argued that such a requirement is unnecessary -- in a time of limited financing, who is going to be able to take over a company with $27 billion in secured debt? -- and including this will just tend to create controversy that could otherwise be avoided.
Full post as published by Credit Slips on June 01, 2009 (boomark / email).
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