General Motors May File For Bankruptcy By June 1
http://www.bizjournals.com/dayton/stories/2009/04/06/daily114.html
According to a report in the New York Times, automobile giant General Motors has been directed by the US Treasury Department to file for bankruptcy by June 1. The auto giant has been asked to lay the ground for a surgical bankruptcy that aims to break GM’s operations into two: the good and the less desirable. The less desirable portions of General Motors are likely to remain under court for a longer time and may be liquidated. However, the company’s plans for a short bankruptcy may be opposed by its bondholders who fear losing a significant portion of their investments in the company. The Obama administration aims to resolve the fate of General Motors early since a lot of taxpayers’ money has been invested in it.
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