Comments on: GM CEO says bankruptcy ‘probable’

By: Frenchie

Frenchie — Mon, 20 Apr 2009 13:16:45 +0000

Adam:
You are right the bond holders refuse GM’s first offer.
They have gone back to the Auto Task Force(US government) and told them the bond holders are holding up the process.
GM has to be as transparent through this process. So by placing there cards on the table publicly (as the US tax payer is paying for this) they are playing up to the ATF, by saying, “bankruptcy probable”. If the bondholders don’t take a deal then what they end up with may not be satisfactory to them.

By: Robin Graves

Robin Graves — Mon, 20 Apr 2009 12:39:40 +0000

How about making cars that people want, that dont break down and fall apart, and stop wasting money flying around stupid seppos with cheese-eating grins in corporate jets. Back to basics or bust.

By: Brett

Brett — Mon, 20 Apr 2009 06:21:05 +0000

Bankruptcy in this context means a court-controlled administration in which the company is given temporary relief from its creditors to allow it to negotiate new arrangements with some or all of them. Certain obligations can also be effectively disowned in the process.

By: adam (aka mada)

adam (aka mada) — Mon, 20 Apr 2009 05:28:38 +0000

Frenchie,

Not sure how GM is ‘playing it up’ with the US goverment?

The US goverment is heavily involved with GM currently to help them avoid bankruptcy!

GM bond holders have also forced GM’s hand in not taking GM’s first offer therefore pushing further towards bankruptcy.

Ford bond holders accepted the deal Ford offered them hence converting 9 biilion or so of debt.

Interesting times ahead, Ford basically is getting a competitive edge on future product development over GM and Crysler.
Mind you if/when GM enters bankruptcy, they could emerge, depending on the length of time, quire strong and able.

By: Frenchie

Frenchie — Mon, 20 Apr 2009 04:32:39 +0000

I don’t think they will file for bankruptcy. Don’t get me wrong GM are not in a good position, but I think it GM playing up to US government, their buyers, and the US tax payer.

In all nothing new is really been siad in this story.

By: topdog

topdog — Mon, 20 Apr 2009 04:10:45 +0000

Here we go again im sick of seeing it all just get it all over with, do what you got to do

By: Bret

Bret — Mon, 20 Apr 2009 03:59:10 +0000

So GM cant make a profit, but it’s “Spare Parts” division can? There’s definitely a line there …..

By: Neo

Neo — Mon, 20 Apr 2009 03:45:40 +0000

My mum always told me if you have nothing nice to say dont say it at all so im taking her advice.

GO FORD

By: Pious

Pious — Mon, 20 Apr 2009 03:44:05 +0000

I think that the US expression “bankruptcy” can mean one of different options, which can be different from liquidation or winding up over here – it could be more like our version of being in administration (but I really am not sure).

By: Reckless1

Reckless1 — Mon, 20 Apr 2009 02:19:28 +0000

Gee Alex, I’m glad you are so up on the US environment for business.

GM will surely fly you over there as their saviour without delay.