Any update on GM????????

[jerrys85iroc]

So...i was told that GM was bought out, is this true and by who??????? Or whats the true story...does anyone know??????

[Rhino]

I heard a few rumors going around about this due to April Fools day (4/1).
I haven't heard anything from a credible source.

[Mr.VENGEANCE]

nah.. aint no way it could have been bought out before its bankruptcy deadline.

[James OLC]

nor is there any incentive for anyone to buy them before BK.

[bigvegan]

It will be interesting to see what happens.

http://www.bloomberg.com/apps/news?pid=20601080&sid=aN4Brm9JM3_8&refer=asia

"General Motors Corp., shuttering U.S. plants in a bid to avoid bankruptcy, is “likely” to build a new factory in China on surging demand. .."

[jerrys85iroc]

Ok, see i didnt want to say it and sound stupid but thats what i heard...something about china...this all amkes me sick to my stomach....:sick:

[moreHP]

Well GM sells more buicks in china than in the USA so I guess it would make sense to build them there. I dont have a problem with a US company making cars where the market is for them.

[2Bad4Ya]

I dunno, but unless by majik they can uproot all us based production and ship it over night to china, not going to help them much. The time/cost to build new shops in china would be to great. I think its to late to save the co. by shifting the mass of their work to china.

This boat is going down to bankruptcy 1st, then maybe they will get provisions to reorg and redirect to more off shore production.

[Twentyover]

As you might guess, this gets discussed in the Detroit media some.

Basically, the way I understand it (or the way I understand it being reported), the Obama bankrupcy plan (the so-called quick rinse) is for the old GM to sell the new GM Caddy, Chevy, maybe Buick, and some assembly facilities for pocket change, and then have the old GM file Chapter 7, shut down Pontiac and Saturn, maybe sell Hummer (or maybe transfer it to the new GM), and stiff the suppliers. New GM starts w/ essentially no debts or contracts, the old GM gets the bills

[mc84_zz4]

Get great info on this site:
http://www.gminsidenews.com/

Posted 4/14/09:

Post-Bankruptcy GM, What the Plan Entails

Recently there have been many speculation pieces regarding what may or may not happen to General Motors if and when the company has to file for Chapter 11 bankruptcy protection. At the current time, there is no certainty of a bankruptcy filing by GM. The new offer to the unsecured bondholders has not been formally presented to them yet, that is slated to happen this Wednesday when the Auto Task Force and GM officials meet with representatives of the bondholders. That outcome of this most recent bondholder offer is likely going to be the ominous sign of the future of General Motors. If accepted, an out-of-court restructuring may just be possible yet. If the bondholders refuse (again), a Chapter 11 filing will be following shortly. GMI sources have informed us of what the current bankruptcy plans entail after the filing has been made. We feel like it is imperative to clarify what the current plans are.

Reports are correct that, if bankruptcy is filed, General Motors will seek a “363” deal in...

http://www.gminsidenews.com/forums/f70/post-bankruptcy-gm-what-plan-entails-77910/

[Slow Ride]

Sounds like Pontiac is the first division to be cut. VERY sad.

[buds87gn]

Thought saturn only had 2 years left, and the rumor around here is that the Russians were very interested in Hummer.