Is GM gonna make it? - DFWstangs Forums
 
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post #1 of 12 (permalink) Old 02-14-2009, 04:27 PM Thread Starter
Lifer
 
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Is GM gonna make it?

They will be asking for 5 billion more tuesday. Uaw has dug a pretty big hole I think GM needs to just go bankrupt and get away from the unions all together. Tuesday will be a day to watch.

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post #2 of 12 (permalink) Old 02-14-2009, 04:38 PM
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Originally Posted by Ylw 98~~SNAKE~~ View Post
They will be asking for 5 billion more tuesday. Uaw has dug a pretty big hole I think GM needs to just go bankrupt and get away from the unions all together. Tuesday will be a day to watch.
I saw a little blurb about them looking at Chap.11 soon. All that "bail-out" talk for nothing...Maybe I can get a Vette at their liquidation auction?

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post #3 of 12 (permalink) Old 02-14-2009, 04:42 PM
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I saw a little blurb about them looking at Chap.11 soon. All that "bail-out" talk for nothing...Maybe I can get a Vette at their liquidation auction?
I'll take one, along with a spare ls3 motor, cause i dont know what warrany it'll have
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post #4 of 12 (permalink) Old 02-14-2009, 04:51 PM
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I'll take one, along with a spare ls3 motor, cause i dont know what warrany it'll have
Hmmm. I wonder if they might have a few LS7 motors laying around? They're usually about $15k in the crate (with the dry-sump and all). Might work out well in a coupe...

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post #5 of 12 (permalink) Old 02-14-2009, 05:02 PM
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The goverment won't let GM go out of business. The chapter 11 talk will make the government give GM whatever they want. The Democrats cannot risk a bankrupcy judge throwing out the existing UAW contract.
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post #6 of 12 (permalink) Old 02-14-2009, 05:06 PM
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The goverment won't let GM go out of business. The chapter 11 talk will make the government give GM whatever they want. The Democrats cannot risk a bankrupcy judge throwing out the existing UAW contract.
^^Correct, so then the dems will bleed us dry.

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post #7 of 12 (permalink) Old 02-14-2009, 05:57 PM
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The goverment won't let GM go out of business. The chapter 11 talk will make the government give GM whatever they want. The Democrats cannot risk a bankrupcy judge throwing out the existing UAW contract.
It's going to be funny if GM turns the tables on those bastards. GM execs are so much smarter than anyone in the government, it shouldn't be hard to do.

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post #8 of 12 (permalink) Old 02-14-2009, 05:59 PM
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Right now labor is the smaller end of the problem for GM. The bigger problem "at this moment" is that bond holders are thinking that GM and the Government are bluffing about letting GM go bankrupt. As a result, they are not willing to write down the value of that debt to 1/3rd of what it currently is. Bond holders are demanding that the debt only be written down by half. The reason for this demand is because UAW, in negotiations with GM, only wrote down the debt by half. The bond holders want the same deal. I can't say that I blame them. However the problem for the bond holders is that if GM does go into Chapter 11, everything they have will become worthless in an instant. As things go down to the wire the pressure is building on both parties to get the job done..

There is also more negotiating with the UAW too. Most of which revolves around writing down more debt.

They have until TUESDAY to get it done or the Feds will recall the 9 Billion in loans and effectively push GM into bankruptcy..

After reading this and other articles, I think Chapter 11 is going to happen. GM will use Chapter 11 to get rid of Saturn, Saab, and Hummer. IMO they could be forced to get rid of Pontiac and GMC as well. IMO a GM with just Chevy, Caddy, and Buick is going to be a vastly stronger company than the current one. Their product portfolio has improved by leaps and bounds. They just need to get rid of the dead weight..

http://www.reuters.com/article/topNe...51D1Q120090214
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CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.

"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."

Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.

GM declined to comment, the story said.

General Motors and Chrysler LLC face a Tuesday deadline to file restructuring plans to the government in exchange for receiving $17.4 billion in federal loans.

Automakers have struggled as U.S. auto sales have tumbled amid a recessionary economy. U.S. auto sales in January tumbled to a 27-year low.

GM has been in talks with bondholders and the United Auto Workers union to get an agreement on a restructuring that would wipe out about $28 billion in debt for the auto maker, sources have told Reuters. However, it appears unlikely a deal could be reached by the Tuesday deadline, they said.

GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW.

In addition, it is trying to sell its Hummer SUV and Swedish Saab brands and is reviewing the status of its Saturn brand.

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post #9 of 12 (permalink) Old 02-14-2009, 08:00 PM
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Originally Posted by J&T's 82 View Post
The goverment won't let GM go out of business. The chapter 11 talk will make the government give GM whatever they want. The Democrats cannot risk a bankrupcy judge throwing out the existing UAW contract.
Exactly what I am thinking . Hell the government just wrote a check for $800 Billion , whats another few billion for some loyal voters in the UAW.
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post #10 of 12 (permalink) Old 02-14-2009, 08:20 PM
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Exactly what I am thinking . Hell the government just wrote a check for $800 Billion , whats another few billion for some loyal voters in the UAW.
actually GM got some additional tax breaks as apart of this bill... Thanks congress for sneaking that in

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post #11 of 12 (permalink) Old 02-14-2009, 10:03 PM
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I still have my eye on a G8, so I hope they stick around.

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post #12 of 12 (permalink) Old 02-14-2009, 10:06 PM
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Like it should. Stay in the black or GTFO.
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