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Thread: 11th hour for GM

  
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    11th hour for GM

    In late 2008, faced with the worst economic crises since 1928, and decades of inefficiencies and uncompetitiveness, General Motors is facing bankruptcy. General Motors will attempt to persuade the U.S government at the 11th hour on Tuesday, December 2, 2008, to give it a "bridge loan" for an amount estimated to be between 8 and 12 billion dollars. GM estimates it's current cash burn to be approximately 5 to 6 billion dollars per month. A "bridge-loan" would only provide liquidity for approximately 2 months. Another possibility is for a prepackaged bankruptcy which would allow GM to restructure its costly dealership network, break the UAW union, and the ability to modify debt costly covenants.
    From the infallible pages of wikipedia:
    http://en.wikipedia.org/wiki/General_Motors#Bankruptcy

    Really hoping today doesn't mark the end of an era...

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    Thats not cool, What ha the world come to?

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    thats not good!!
    I dont understand how something like that can happen 2 such a huge company!!!
    .
    . ..SRiTaff ...
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    Drives: Arden Blue Zafira GSi.

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    :O If things go boobs up it could be bye-bye warranties

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    Wow, that's a lot of money. I worry when I don't get a tenner back after lending it to a mate!

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    Quote Originally Posted by StevesAstra View Post
    :O If things go boobs up it could be bye-bye warranties
    I wouldn't expect the GM Euro operations to go under from this GM mess, as they're the ones who have actually been holding the rest of the company up for the last year or so.

    I'd expect the likes of Vauxhall and Opel to be sold to one of the premium German or an Eastern Consortium if GM goes to the wall.
    John - Astra GTC SRi 2.0 CDTi

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    trouble is with america is that the unions run everything!

    when my dad worked for anglian water they tried to setup in america but altho to government were for it.. the unions wer'nt as it was an english company so without union backing it fell through.

    in this case the unions have run the campany into the ground by demanding more wages .. if truth be known i expect GM have been on the edge for a long time now, with having to pay people the same or more money each year and falling car sales its really not suprising..

    unions are ok in theory and do help alot of people but when they get too big and demand higher and higher wages for their members then they turn into a mob of blackmailers... and they wonder why GM and other companies are on the brink of closure.
    I always laugh when teachers go on strike for more pay.. i mean what do the expect .. they're funded by the country so if they get a pay increase then theres gonna be a TAX increase to cover it ... then others will ask for more money, creating a more and more problems.
    imo greeds got alot to answer for

    dont get me wrong theres no harm in pay rises but when people hold companies to ransom i dont agree at all ... if they cant or dont want to pay you more then leave and do something else, because at the end of the day the company employs you!

    I wont be suprised if the US let GM go down to set and example for other companies to show no matter how big you are you will get treated the same way.

    lol sorry about the rant .. im a ill and im in a bad mood

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    ally astra's Avatar
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    yeah unions cause rather a few problems. just look at the 70s in this country, yeah gm europe is making money i thinks so it should be okay. most thing in america are ****ed right now so they will just have to deal with it

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    Politically it would be almost impossible for the US Government to allow GM, Ford and Chrysler go to the wall.
    Although maybe they should because there must be something seriously wrong with all three companies as they were already losing horrendous amounts of money even before the credit crunch and subsiquent recession.

    Apparently GM is losing $3 Million AN HOUR

    That is gonna take some turning round. If it is possible.

    I wonder what would happen to GM's European marques - Vauxhall, Opel, Saab - if GM did go under?

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    I see the US Senate has thrown the rescue package out yesterday

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