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JaneyCanuck

JaneyCanuck Report 1 Jun 2009 15:40

Just for info -- this is what's called a "prepackaged" bankruptcy. Everything was worked out well in advance of the actual event. Under US law, the company continues to operate while "in bankruptcy".

The Canadian government now owns part of GM Canada (a separate corporation). Lucky us!

Researching:
Please use the "ADD YOUR REPLY" box below to reply. Please DO NOT click "Send Message" and send a private message (unless info is about living people or otherwise sensitive). THANKS!

₪ TeresaW elite empress of deleted threads&#

₪ TeresaW elite empress of deleted threads&# Report 1 Jun 2009 15:38

They were saying on the news this morning, bankruptcy is different from liquidation. With bankruptcy, the company will apply to the courts and the judge will decide how the company will be re-organised in the future. It is thought it will be a smaller version of the same, with perhaps a different goal, maybe more 'green' cars or at least better on fuel economy, and will be run from the US.

I don't know how this will affect remaining British plants, time will tell I suppose.

LittleWhiteDove2022351

LittleWhiteDove2022351 Report 1 Jun 2009 11:47


Morning all,

It's only just begun!

xx

Pat Kendrick

Pat Kendrick Report 1 Jun 2009 10:35

Candyman it was Al Jolson

KempinaPartyhat

KempinaPartyhat Report 1 Jun 2009 09:13

Whats going to happen to this world .....What a mess we are in ...

UzziAndHerDogs

UzziAndHerDogs Report 1 Jun 2009 09:12

Just been reading it, Looks like they are going to be bailed out mind but will end up a smaller streamlined company. That still leaves a loss of 1000's of jobs

Researching:
Turner, Staniforth in Beighton and Ridgeway Sproat in Sheffield and Cumbria

Running Bear

Running Bear Report 1 Jun 2009 08:52

General Motors to declare bankruptcy within hours