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General Motors goes bankrupt
News by Roffen
General Motors
With a debt of $172.81 billion and only $82.29 billion in assets, General Motors are filing for chapter 11 bankruptcy protection.

The bankruptcy protection chapter 11 allows the company to reorganize its assets without going broke. With the bankruptcy protection, the company does not go bankrupt, but will be trimmed to again make profits and sell off the parts of the company that don't make profits.

The long-term plan is to split the company to new shareholders. The U.S. government will own 60% and the Canadian government will control 12.5%. United Auto Workers will be getting a 17.5% cut and the remaining 10% will be owned by unsecuredbondholders. The current bondholders will not get any ownership in the 'new' company.'

GM will continue their line of production with Chevrolet, Cadillac, Buick and GMC, out of their line of 15 brands: Bedford, Buick, Cadillac, Chevrolet, Deawoo, GMC, HSV, Holden, Hummer, Oldsmobile, Opel, Pontiac, Saturn, Saab & Vauxhall.

The other brands are not decided yet, but will most likely be sold off seperately, if buyers can be found.

The bankruptcy of Lehman Brothers Holdings Inc. (which was the largest bankruptcy in U.S. history with $691.1 billion in assets) was likely the beginning of the GM ' downfall, as it hastened the erosion of the credit markets, making it more difficult for consumers and dealers to finance new vehicles.
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Obituaries
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Grizlas
24/12/2023 15:06
Gleðilig jól

Norlander
24/12/2023 10:09
Gleðilig jól!

Norlander
29/10/2023 19:16
:/

Grizlas
29/10/2023 11:35
RIP Matthew Perry.

Norlander
25/08/2023 19:22
That's not from the chess scene, it's Omar to Wee Bay, 2 mins into this clip: https://www.youtube.com/w
atch?v=LF0Xt6b525E


Vuzman
25/08/2023 18:11
That chess scene is forever seared into my memory...

Norlander
24/08/2023 20:03
You quoting the Wire, wow smiley

Vuzman
24/08/2023 08:56
You come at the king, you best not miss... RIP Prigozhin

OKJones
10/08/2023 21:29
the search function doesn't work, it doesn't show what it finds

Vuzman
10/08/2023 16:34
RIP Sugar Man