GM in Dager of Bankruptcy
Thursday, April 2, 2009 20:08
General Motors, the car giant, is now working on a plan to split the group into a ‘good GM’ and ‘bad GM’ if a radical restructuring fails.
After Obama axed Rick Wagoner and gave the Detroit giant 60 days to draft a more extreme plan to revamp GM, the company has warned that there is a rising chance it could go bankrupt by June. Advisers of GM and Chrysler are said to be preparing for potential bankruptcy filings these days.
According to a source, one plan being discussed for GM would be to form a new company out of its best assets, which is likely to include Cadillac and Chevrolet.
Germany is now looking for an outside investor to take a stake in the European automobile business. However, industry sources believe it is extremely unlikely.
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