GM Files Bankruptcy...finally

[OnePimpTiger]

GM bankruptcy: End of an era

General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines which were capped by a dramatic plunge in sales in recent months.

In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization.

Taxpayers will end up with a 60% stake in GM, with the union, its creditors and federal and provincial governments in Canada owning the remainder of the company.

$49.4 billion into a failed company...money well spent!

[nebboy]

Ya but the market seems to thinks its a good thing, up around 200 and Ford goes higher. Weird world we live in!

[Williy@anker]

I agree that it is overdue, but us people up here in Michigan are so screwed. Another 7 plants up here are going to be closed another 10,000 plus people out of the job. And when you figure in the supplier network, god lord it's going to be brutal here in Michigan for the next few years..

But on a bright sside, we the people now own 60 percent of GM, so where is my free car.

[gladdyontherise]

This stinks, a buddy from my school, his grandpa worked for GM for like 50-60 years and said he would lose his entire pension if they went bankrupt

[Chuck-17]

It is about time. How many more billion can we pump into a failing company?

[Williy@anker]

It is about time. How many more billion can we pump into a failing company?

Good question, ask citibank.

[OnePimpTiger]

I agree that it is overdue, but us people up here in Michigan are so screwed. Another 7 plants up here are going to be closed another 10,000 plus people out of the job. And when you figure in the supplier network, god lord it's going to be brutal here in Michigan for the next few years..

But on a bright sside, we the people now own 60 percent of GM, so where is my free car.

Across the country, this will definitely affect people, but not to a huge degree. But Michigan is really getting killed with the auto industry death. It needs to happen and overall I think it's a good thing, but I feel for the people in MI...tough times are going to get tougher.

This stinks, a buddy from my school, his grandpa worked for GM for like 50-60 years and said he would lose his entire pension if they went bankrupt

The article says some of their health coverage will be cut back, but they shouldn't lose their pensions...of course who knows if that will happen.