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Old 04-07-2009, 01:15 PM   #1
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Default REPORT: General Motors in "intense" bankruptcy preparations

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According to an unnamed source speaking with Reuters, General Motors "is in 'intense' and 'earnest' preparations for a possible bankruptcy filing." The report states that GM could be split into two separate entities; one "new" unit consisting of the General's successful brands (read: Chevrolet and Cadillac) and an "old" unit made up of its less-profitable endeavors (Hummer, Saab, Pontiac and Saturn).

If the plan is enacted, the all-new GM would assume some of the debt from the bankruptcy (primarily, unsecured debt) and that GM's bondholders would lose a substantial amount of value if the Chapter 11 filings go through. Naturally, neither source wished to be named, so this is all conjecture at this point, but if GM does declare CH11 within the next month-and-half, expect the Feds to step in to avoid the cataclysmic effect on both suppliers and the economy as a whole.
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Old 04-07-2009, 01:18 PM   #2
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This story is all over money.cnn.com too. I just hope they come out of this deal able to remain a solid American auto manufacturer.
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Old 04-07-2009, 02:34 PM   #3
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God, I would have thought Pontiac was one of their more successful brands. Pontiac and Cadillac are the only two GM brands I would consider.
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Old 04-07-2009, 03:54 PM   #4
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I hope to God they pull through.
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Old 04-07-2009, 04:35 PM   #5
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Originally Posted by Boreas View Post
I hope to God they pull through.
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Old 04-07-2009, 04:38 PM   #6
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If it takes some trimming to keep GM around, Im all for it. Its a shame such a historical American corporation is struggling this badly.
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Old 04-08-2009, 08:32 AM   #7
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I thought the G8 was selling well. I would hold on to the G8, Aura, and Sky. Flush everything else down the toilet.
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Old 04-08-2009, 08:51 AM   #8
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Damn. It was inevitable, as Agent Smith would say.....
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