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The former CEO don't want ma....that why he is called former CEO lor....also their government did not promise anything then lor.....How to bankrupt....
Also, the car design a bit outdated, the EPICA door so heavy, I think I need to go gym to train my bicep and tricep before I can drive it....heee
Good Luck GM......learn and excel <-Spelling ??
freeme ( Date: 02-Jun-2009 00:14) Posted:
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Andrew ( Date: 02-Jun-2009 00:04) Posted:
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This is the best part of the American Market......even chap 11, the market will not interfer with trading halt or SUS.
Because their government is pumping money into the company, there is still value left over.....strictly for BB only. GM at this stage still have hundreds of plant all over the world.
The next thing is those shortist shorted last night or last month, you still need to cover back.
With all this, investor continue to put their money into america. This is what they called safe...
leong3k ( Date: 01-Jun-2009 22:05) Posted:
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freeme ( Date: 01-Jun-2009 21:10) Posted:
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Owners of current GM (GM, Fortune 500) shares, which closed at just 75 cents a share on Friday, will have their investments essentially wiped out.
those who still dare to buy in last wk must be damn sad..
GM files for bankruptcy
It's an end of an era for GM as the troubled automaker is forced into bankruptcy. GM is set to close nearly a dozen plants and cut more than 20,000 jobs.
NEW YORK (CNNMoney.com) -- General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable but became inevitable after years of losses and market share declines that were capped by a dramatic plunge in sales in recent months.
In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization. Taxpayers will end up with a 60% stake in GM, with the union, its creditors and federal and provincial governments in Canada owning the remainder of the company.
Owners of GM cars should see little change as a result of the bankruptcy since warranties will still be honored. But there will be plenty of pain caused by the bankruptcy and the company's efforts to stem losses.
Nearly a dozen plants will be identified for closure by 2010, resulting in 20,000 job losses. Three more plants are set to be idled and put on stand by status in hopes for a rebound in sales that may never come.
GM will also shed its Pontiac, Saturn, Hummer and Saab brands and cut loose more than 2,000 of its 6,000 U.S. dealerships by next year. That will likely result in more than 100,000 additional job losses.