GM may file chapter 11

Posted on May 27, 2009
Filed Under news |

The deal with the bond holders to exchange debt for stock has failed and now it seems very likey that General Motors will file for chapter 11. Though this will be a huge blow to the US automobile industry, I feel that in the long run it will be a good thing. The government is considering investing about 50 billion for a 70 percent stake in the company. I personally think the government should stay out and let the bankruptcy procedure work. Again its a case of ‘Too big to fail!’

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