PDA

View Full Version : Gm to File Chapter 11 buy next week?


nosparkplugs
02-15-2009, 11:29 PM
GM to file Chapter 11, I had to check myself too:cry: it's easily confirmed with several source's. Everything is pointing to the real deal this time, most disturbing or proof positive GM has no plan to repay the 14 billion it took in Tarp funds. Tuesday is the government deadline for GM's new business plan or repayment of the 14 billion. Maybe GM will ask for extension

Gm has leaked it would then look to form another new company:dizzy:

Ramairfreak98ss
02-16-2009, 12:28 AM
sucks, i like GM stuff, i have all ford trucks but all of my cars are GM besides the mustang. I hope the cars i "want" wont shoot up in price for demand though... especially if they axe pontiac in the new company :/

I want a 05-06 GTO, 99-02 WS6 firebird, a camaro z28 or SS in those same years, a GXP Grand prix 05-08 and a G8 GT or GXP. My g/f wants a Saturn Sky redline or a Pontiac solstice gxp.....im gonna be bad in debt if these cars start going up in the next year or two

4.3mudder
02-16-2009, 01:07 AM
Well, I would have to say that it is bad, BUT, may it be a lesson. Hopefully Dodge and Ford will stop pumping out them 20 MPG Trucksas well, and focus on what the economy REALLY WANTS AND NEEDS. This same problem was in effect with the 70's oil crisis. If they would have taken their heads out and fixed the problem after that they would not be in this predicament. The same problem is to this day, with these huge trucks and SUV's and high fuel consumption engines. That's waht got them in trouble almost 40 years ago, and look, they didn't learn, Sorry GM.

stuvecorp
02-16-2009, 03:10 AM
I would hope this dosen't happen but may be somebody needs to crash the bus?:confused: I don't think GM would ever go away but also didn't think this would be possible.

Gravel Rat
02-16-2009, 04:23 AM
So the "Heart Beat of America" need a defibrillator :laugh:

Not surprised GM is in deep chit they have had a bad attitude thinking they would never have troubles. I'd say let them go under.

coolluv
02-16-2009, 07:37 AM
http://www.truthout.org/021509D


I guess we will have to wait and see what happens.

Dave...

AI Inc
02-16-2009, 07:49 AM
May just be a bluff to the unioun as negotiations have stalled.

lawn king
02-16-2009, 08:00 AM
GM will still be around, they will survive this one way or another. The economy is in too tough a state to let this giant fall. The feds will step up.

allinearth
02-16-2009, 08:23 AM
GM will still be around, they will survive this one way or another. The economy is in too tough a state to let this giant fall. The feds will step up.

....And that will be more wasted money. We should let the company fall. May be painful at first but in the long run they will re organize and be stronger.

lawn king
02-16-2009, 08:56 AM
....And that will be more wasted money. We should let the company fall. May be painful at first but in the long run they will re organize and be stronger.

I cant argue with you there, but i dont see it happening. 100% health care coverage for life was a insane, granted they made a lot of other bad decisions.

AI Inc
02-16-2009, 08:58 AM
I cant argue with you there, but i dont see it happening. 100% health care coverage for life was a insane, granted they made a lot of other bad decisions.

Exactly, GM,s problems are rooted to decisions that they started making 30 yrs ago.

nosparkplugs
02-16-2009, 10:33 AM
GM is broken has been for some years. Time Magazine interviewed a gentleman he was a 3rd generation GM worker in his family. His Dad whom is retired from GM said " working for GM is no longer a Career" You also have Toyota whom is paying on average $10.00 less per hour, per employee, vs a UAW autoworker.

The perception of a GM failure is that it coulod bring down the entire economy. If that is true I suspect the governments embracement of Lemon Capitalism will steep in yet again to provide support$$$.

TXNSLighting
02-16-2009, 11:31 AM
Whas that going to do to current GM owners who have lemons and need them gone?!

letsplay
02-16-2009, 12:46 PM
Well if this is true I can say goodbye to my credit card rewards of several thousand towards a new gm vehicle. Anyone that has an extended warranty through GM can say good bye to that. I would think any extended service warranty will be no good.
The "good old boys club" at gmc has not allowed fresh ideas or younger talent to take over and it shows in their vehicles, customer satisfaction, and the losses they have been taking. Yea, when a company is spending over three billion dollars a year on health insurance and only 1 billion dollars a year on steal for its vehicles something is wrong.

nosparkplugs
02-16-2009, 01:06 PM
What I don't understand is Dodge is not much better off than GM, and yet Media & government are attacking GM. Carl Levin even said that Dodge is ahead of GM & ford with Hybrid technology; which is total BS.

Also Korea has State of the art battery technology, that we need. We have the Hybrid technology, and no Batteries. Korea & China are threatning to withold stimulus bill money if Obama approves more bail money out money for GM & Dodge. The government is withholding the true scope of our troubles. Like I have said the US debit is owned buy foreign governments now. This why spending our way out of this recession willl not work.

Petr51488
02-16-2009, 03:17 PM
Aren't they only filing for bankruptcy so they can get rid of their union bull$hit?

Gravel Rat
02-16-2009, 04:16 PM
Yes the USA is in a little more trouble than you guys think with so many countries that are owed large sums of money from the USA. Not good but I think Canada is in the same boat but not as bad.

As for these large companies like GM they should go broke if a small business person like you guys acted the way GM is you would be out of business in a day. The unions are a big problem and always have been a problem I don't beleive in them.

The worst thing is for the gov't to bail out GM anymore. So what there will be some job loss but the gov't is spending more to bail them out than they will get in income tax from the employees.

tnmtn
02-16-2009, 04:49 PM
without being an attorney and being able to understand the true ramifications of going bankrupt i will say if GM shuts down, which going bankrupt has nothing to do with. it won't be the end of their products or the exec's in charge of building them. i am sure if they planned to close doors they would already being selling GM technologies and holdings to shell corps. so that the transition to the new as yet unnamed company would go as smooth as possible. as far as owing foreign governments money i think we should pay them back after we are payed back for all the loan money we gave and are giving to foreign governments gets paid back.

nosparkplugs
02-16-2009, 06:45 PM
without being an attorney and being able to understand the true ramifications of going bankrupt i will say if GM shuts down, which going bankrupt has nothing to do with. it won't be the end of their products or the exec's in charge of building them. i am sure if they planned to close doors they would already being selling GM technologies and holdings to shell corps. so that the transition to the new as yet unnamed company would go as smooth as possible. as far as owing foreign governments money i think we should pay them back after we are payed back for all the loan money we gave and are giving to foreign governments gets paid back.

I agree bankruptcy will break the ties with the UAW, and board of directors & shareholders. Bankruptcy will carry that "failure" stereotype, and their will be collateral damage with vendors in good standing whom will go under with GM.

I suspect a new company might not bear the "GM" name, and shed all the baggage of copy cat models of vehicles across brand lines. One Automobile company, no more Chevrolet, GMC, HUMMER, CADILLAC, BUICK, SATURN, SAAB:dizzy: did I miss some:laugh:

Yes the same fate is possible for Dodge too; however Dodge is somewhat better positioned to aviod the Chapter 11 right now.

We could have Ford & Toyota going at it for #1 :dizzy: :laugh:

4.3mudder
02-16-2009, 07:44 PM
My grandfather used to work for the GM plant in Arlington Tx and is now retired, I wonder what is going to happen to his pension?

nosparkplugs
02-16-2009, 07:53 PM
Got our answer the Obama administration will release the 4 billion GM needs to avoid bankruptcy. The president did not want GM to file Chapter 11 while their reviewing the governments options. Dodge's fate is not known yet Dodge has requested 3 billion.

CuttinUP
02-16-2009, 08:00 PM
I have been saying it for over fifteen years, get rid of the UAW. The Big 3 are not auto manufactures any more they are health care companies that build autos to pay for the health care benefits that they provide. Needs to come to a end!!

nosparkplugs
02-16-2009, 08:20 PM
I have been saying it for over fifteen years, get rid of the UAW. The Big 3 are not auto manufactures any more they are health care companies that build autos to pay for the health care benefits that they provide. Needs to come to a end!!

Were are the UAW AKA Michigan boys cuttin grass & workin for GM:walking:their usually all over these GM threads supporting the UAW, :rolleyes: mayber their skeered and working now.

lifetree
02-16-2009, 09:25 PM
Got our answer the Obama administration will release the 4 billion GM needs to avoid bankruptcy. The president did not want GM to file Chapter 11 while their reviewing the governments options. Dodge's fate is not known yet Dodge has requested 3 billion.

Ditto ... I heard that on ABC news tonight !!

Votum Gardens LLC
02-16-2009, 09:34 PM
Were are the UAW AKA Michigan boys cuttin grass & workin for GM:walking:their usually all over these GM threads supporting the UAW, :rolleyes: mayber their skeered and working now.

Probaly too busy whining and crying to the canadian *****, those two **** for brains Levin and Stabenow, and to Obama. Of course the gov going to bail out the big 3 if necessary, can't have lose all those democrat UAW votes now can we? Whatever happens, GM will continue to exist and I will still buy their trucks.

GravelyNut
02-17-2009, 12:37 AM
Best bet for GM, Ford, and Chrysler would be to declare Chapter 11 bankruptcy. Then they would ask the courts to operate as DIC (Debtor In Charge ) with the same managers. That would bust the union contracts.