GM To File Bankruptcy On Monday - Treasury Department Plans To Pay $50 Billion Bill

General Motors Corp., the world’s largest automaker until its 77-year reign ended in 2008, plans to file for bankruptcy protection on June 1 and sell most of its assets to a new company, people familiar with the matter said.

GM’s path will be smoothed by an accord today giving some of its biggest bondholders an equity stake in the reorganized automaker. The U.S. Treasury is requiring that an unspecified percentage of debt holders accept the terms by 5 p.m. New York time on May 30, Detroit-based GM said in a regulatory filing.

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mscottc1 - 5/29/2009 9:30:31 AM

+3 Boost

Wow. All those bailout billions for this? *BIG SURPRISE*

Guess we should have just let them "fail" to begin with, huh? I cringe with the thought of the insane debt my daughter & ger generation (& their potential children also) will inherit because of all this. And before anyone goes and replies to this with a "Bush started it" type of comment, I KNOW THAT. Wasn't happy then, didn't support any sort of bailout then or now. Like I've said before, the parties are broken. Now it's up to US, the PEOPLE to rebuild this thing and make our country great again. If we fail, may God have mercy on our souls.

HSCenterconsole - 5/29/2009 10:45:39 AM

+4 Boost

Only another $50 billion?

Come on, it is not that bad. It is only taxpayer money that will never be repaid.

investor27 - 5/29/2009 12:14:49 PM

+4 Boost

I don't believe this! Does the tax payers have any say in this? Why in hell would we want to give another $50 billion when GM has already said that they are never going to pay back the $15 billion we just loan them 2 months ago? I feel extremely indignant about not having a say in this at all. This is not right.

MrBratwurst - 5/29/2009 12:54:11 PM

-2 Boost

This is what will soon happen to the USA:

http://humorland.wordmess.net/20081025/what-the-real-crisis-is-like/

wins555 - 5/30/2009 3:20:38 AM

+2 Boost

Its as simple as if the Us allows GM, Chrysler, AIG, etc, to fail, then the US will be nothing in as little as 2 or 3 years as CHina emerges as the world's top superpower replacing USA. The american dream will be FINISHED! One can argue all he/she wants but that would be denial.

abcd - 6/1/2009 5:21:18 PM

+1 Boost

Turbospyder, not 95% but 92.2%, in approximation 92%. I once told you about this. You have to exclude the kei cars since no other manufacturer is selling such a cars and count only passanger cars.

investor27 - 6/1/2009 3:44:19 AM

+1 Boost

I don't give a crap if China beats us as the world's top exporter/producer/superpower or whatever. What does that have to do with our government taking more on my tax money and giving it to a company that has already said they will not give it back? We're not like China. We're not Communists. Why on earth is our government behaving like one in this instant?