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Old 02-06-09   #1
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General Motors is Bankrupt




General Motors is Bankrupt
.
Icon of U.S Industrial Strength to Goes Down
,

GM shares plunge 32%; NYSE to delist stocks, GM to Become PSU


Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history. The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years.

The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company. The White House is also going to put another $30bn (18.5bn) into GM.

President Barack Obama described the move as "tough" but said it was "also fair" and added it would "give this iconic American company a chance to rise again". He said that the US government, which will own 60% of the carmaker, would be a "reluctant shareholder" and that he had no interest in running it. As part of the plan, President Obama said that the share of GM cars sold in the US that had been made in the US would rise for the first time in 30 years.

General Motors brands include Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. These are likely to be sold off now.

BBC NEWS | Business | GM enters bankruptcy protection





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Old 02-06-09   #2
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Re: General Motors is Bankrupt

Heard this one earlier in the day, speculations were rife since a long time...

Though the GM Indian Biz is still secure since the strategies here are good, although people are expected to lose faith in them as half of the business is through related Financials...
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Old 02-06-09   #3
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Re: General Motors is Bankrupt

And America Bitches about other Countries having PSU's. so much for American Capitalism. Welcome to the USSA. Tata should seriously consider Picking up Daewoo. They already own the trucking business.
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Old 02-06-09   #4
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Re: General Motors is Bankrupt

Tata has already burned its fingers with the Jaguar Land Rover deal. Ford benefited a lot.

GM needs to sell most brands and consolidate existing strengths. Without them, the supplier base will collapse.

So much for all those executives who thought they knew everything.
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Old 02-06-09   #5
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Re: General Motors is Bankrupt

Tata had to do it or else back then someone else would have picked it up. its was then or never. Though i wished they had to money to buy one of the GM brands now.
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Old 02-06-09   #6
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Re: General Motors is Bankrupt

LOLFAIL!

Love how the big three are getting their asses handed to them now
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Old 02-06-09   #7
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Re: General Motors is Bankrupt

^^Ford will take some really bad mixture of calamities to come down...

Easily the best of the lot in terms of Financials, as well as Economics...
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Old 02-06-09   #8
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Re: General Motors is Bankrupt

no wonder, i see mostly toyota, honda, volswagen around here in US.
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Old 02-06-09   #9
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Re: General Motors is Bankrupt

this is going to hit the Indian economy as well.
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Old 02-06-09   #10
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Re: General Motors is Bankrupt

I think one of the most awaited event of this recession was Bankruptcy of GM, so here it is, let see how it affects jobs in auto industry.
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Old 02-06-09   #11
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Re: General Motors is Bankrupt

Originally Posted by montylee View Post
no wonder, i see mostly Toyota, Honda, Volkswagen around here in US.
That's another cause to not cheer about because the market is essentially the US, but therein lies the problem...I know you are smart enough to figure that out...

Originally Posted by initpidzero View Post
I think one of the most awaited event of this recession was Bankruptcy of GM, so here it is, let see how it affects jobs in auto industry.
It won't mostly, because the companies are most likely going to be sold at a decent price, and all bankruptcies under the Obama Administration have been anything but filthy...

@prajith: It won't, as I have already said, GM India is quite safe and the sales were significant as far as their world sales target was taken into view...

the only worrying bit would be whether people would go ahead and actually finance their Car Loans through GM India and the related financial schemes...

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Old 02-06-09   #12
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Re: General Motors is Bankrupt

What I worry most about is the fate of the sub-marques. What will happen to legendary brands like Holden, Pontiac, Caddy and all?

Oh, and Ford just issued this press release, hoping that the fact that GM is now 60% government will not change the field to suit Washington. Understandable concerns, to be sure.
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Old 02-06-09   #13
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Re: General Motors is Bankrupt

^^ LOL..they dont want PSU's to compete with them.
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Old 02-06-09   #14
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Re: General Motors is Bankrupt

......GM is bankrupt ???? So am I. Whats the big deal ????
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Old 02-06-09   #15
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Re: General Motors is Bankrupt

Originally Posted by vasishta.sushant View Post
......GM is bankrupt ???? So am I. Whats the big deal ????
At least you're not a PSU...
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