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How General Motors Bankruptcy will affect the economy?
I like to get different personal views. Please ---no citation from other sites.
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GM is not going to cease to exist.
It's about to file bankruptcy in order to have the protection afforded by US bankruptcy laws while it restructures itself. Apparently President Obama will be making a speech about this and why he supports the move on Monday.
The hope is that it will be able to exit the bankruptcy by Labor Day, which is Sept 7th 2009.
Therefore I don't expect the bankruptcy will have widespread economic effects in itself. It's just a part of the ongoing story of the troubles and restructuring of GM.
http://www.nytimes.com/2009/06/01/business/01gm.html?_r=1&hp
http://www.telegraph.co.uk/finance/newsbysector/transport/general-motors/5417945/GM-Car-maker-poised-to-rebuild-after-filing-for-bankruptcy.html
http://www.businessweek.com/magazine/content/05_50/b3963114.htm
Info on Chapter 11 bankruptcy:
http://www.moranlaw.net/chapter11.htm
http://www.sec.gov/investor/pubs/bankrupt.htm
http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
It's about to file bankruptcy in order to have the protection afforded by US bankruptcy laws while it restructures itself. Apparently President Obama will be making a speech about this and why he supports the move on Monday.
The hope is that it will be able to exit the bankruptcy by Labor Day, which is Sept 7th 2009.
Therefore I don't expect the bankruptcy will have widespread economic effects in itself. It's just a part of the ongoing story of the troubles and restructuring of GM.
http://www.nytimes.com/2009/06/01/business/01gm.html?_r=1&hp
http://www.telegraph.co.uk/finance/newsbysector/transport/general-motors/5417945/GM-Car-maker-poised-to-rebuild-after-filing-for-bankruptcy.html
http://www.businessweek.com/magazine/content/05_50/b3963114.htm
Info on Chapter 11 bankruptcy:
http://www.moranlaw.net/chapter11.htm
http://www.sec.gov/investor/pubs/bankrupt.htm
http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
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