White House: General Motors to File for Bankruptcy...
White House: General Motors to File for Bankruptcy...
General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government's reach into big business.
It would be the largest industrial bankruptcy in U.S. history, and the fourth-largest overall. In addition, a GM bankruptcy would be unprecedented as the federal government would pump billions more into the company.
Underscoring the government's extraordinary role, President Barack Obama planned to announce his support for GM's restructuring strategy at a midday appearance at the White House, much as he did in April when Chrysler sought court protection.
GM president and CEO Fritz Henderson planned to hold a news conference in New York immediately following Obama's announcement.
Administration officials said late Sunday the federal government would pump $30 billion dollars into GM as it makes its way through bankruptcy court. That's besides the $20 billion in taxpayers' money that the Treasury already lent to the automaker
-
- Share:
-
-
-
-
-
-
Reach -
Credibility
-
Related Allvoices Contributions
-
Personal Bankruptcy Filings Exceed 1 Million
By: steph10
According to WSJ.com, consumer bankruptcies topped one million for the first nine months of this year, the highest point since the system was overhauled in 2005. The number of personal bankruptcy filings for the nine months rose to 1,046,449 as of September 30, the American Bankruptcy Institute, an organization comprised of attorneys, accountants,...
about 1 month ago
- News Source: Uinta County News | 5 months agoNorth American newsprint manufacturing giant AbitibiBowater Inc. received final bankruptcy court approval of up to $600 million to finance operations during its reorganization. Bloomberg reports this afternoon that the loan from Fairfax Financial...
- News Source: Turkish Press | 5 months agoSenate Republicans on Thursday unveiled legislation that would distribute the US government's stakes in beleaguered auto companies Chrysler and General Motors to taxpayers. The measure, backed by four lawmakers, would thwart plans by President Barack...
- News Source: The Economic Times | 5 months agoGeneral Motors bond trading shows investors are betting its government-backed bankruptcy will create a company with a higher market value than Ford Motor, the only major US automaker to shun a federal rescue. Bondholders will have a claim to about a...
- News Source: CNN | 5 months agoThe General Motors bankruptcy is the fourth-largest in history...For those who feel a bit confused, here's a quick primer on GM's Chapter 11 filing, including the events that led up to it, and the shape of things to come. What forced the bankruptcy?
- News Source: Androscoggin News | 6 months agoThe Associated Press plans to launch a new column aimed at covering "the cultural side of Washington, from the personalities and behind-the-scenes activities of the Obama White House to the pecularities and intrigue that make the nation's capital...
- News Source: Simi Valley - Moorpark Examiner | 6 months agoInvestors are gently adding to their gains a day after rushing into the stock market. The advance on Tuesday at times pushed the Dow Jones industrial average into the black for 2009. The blue chips had been down by as much as 25.4 percent for the...
- Blog Source: www.khq.comAdministration officials say the federal government will pump $$30 billion into GM as it makes its way through bankruptcy court. That's on top of the $20 billion in taxpayers' money that the Treasury has already lent to the automaker. ...
- Blog Source: www.huffingtonpost.comActually, the government doesn't own anything. The American taxpayers now own GM. That said, the nationalization of GM is a golden opportunity for the taxpayers to begin earning our way out of our current financial doldrums. ...
- Blog Source: www.businessinsider.comWSJ: Under the plan, the administration will spend a bit more than $30 billion to fund the bankruptcy and in exchange receive 60% of GM's stock, while the Canadian government will put in $9.5 billion for a 12.5% stake, ...
- Blog Source: zerohedge.blogspot.com... $30 billion of additional federal assistance to support GM's restructuring plan. To effectuate its plan, General Motors will use Section 363 of the bankruptcy code to clear away the remaining impediments to its successful re-launch. ...
- Blog Source: www.talkleft.comGeneral Motors is expected to file for bankruptcy protection tomorrow morning. Under the restructuring, U.S. taxpayers will own 70% of the new company. GM is racing to meet the government's Monday deadline to qualify for more aid. ...
- Blog Source: politics.getmash.netWhite House Plots GM Bankruptcy, Unsure When Taxpayers Will Recoup $50 Billion Investment. Posted by admin under. Senior administration officials, who declined to speak for attribution, said the U.S. government will be a “passive” ...
- Video Source: www.truveo.comWhite House: General Motors to ...Video Source: www.truveo.comGeneral Motors will file for bankruptcy protection on Monday in a deal that ...
- Video Source: www.truveo.comGeneral Motors to File For ...Video Source: www.truveo.comGeneral Motors to File For Bankruptcy Protection
- Video Source: www.truveo.com'Government Motors'?Video Source: www.truveo.comThe government could soon own a big part of General Motors as it inches ...
- Video Source: xml.truveo.comGM expected to file bankruptcyVideo Source: xml.truveo.comSources say General Motors will file for bankruptcy early tomorrow. CNN’s ...
- Video Source: www.truveo.comGeneral Motors Bankruptcy ...Video Source: www.truveo.comWith an almost certain bankruptcy filing days away, General Motors is ...
- Video Source: xml.truveo.comGM looks to be stronger after ...Video Source: xml.truveo.com(NECN/ABC) - The pieces are falling into place to allow an imminent General ...
Cell phones use report code: Related Allvoices Reports
Related People
Site Links
Site Topics
Contributions
- Report Your News
- Add your voice and contribute via your cellphone - check out how to Report News via Your Cellphone
- Blog Widget
- Widget for Blog Owner
