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GM files bankruptcy

Submitted by Meghan Malloy on Mon, 06/01/2009 - 16:19
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End of an era, the news reports say. After 100 years as a staple of this country's automobile industry, General Motors has filed Chapter 11, a.k.a bankruptcy protection.

Trouble has been afoot since last fall, when GM asked the government for a bailout, with promises they would straighten up and present a new business plan. The trouble seemed to grow, as dealerships tried to express confidence about the uncertain future.

What are your thoughts on the GM bankruptcy? Are you surprised by the news?

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Comments

Submitted by JonQ on Tue, 06/02/2009 - 05:00.

Thanks for sharing this post! The General Motors Corp. is said to be protected by the government against bailouts. This company is known to symbolize our current economic situation. GM employees are in a pretty tight spot these days, as GM has announced plant closures, dealership closures, and even entire brand closures (such as Pontiac), and most of the employees dedicated to those jobs are going to likely experience a layoff. Even with good budgeting or funds from the government bailout, it still isn't enough to cover the ground lost by the loss of a profession. Short term loans aren't going to assuage the hurt, and GM is in trouble. They are all but filing for bankruptcy at this point, and hopefully if they do file it will be a short one. It looks like there will be cash advances in the near future for GM employees.