GM US, in bankruptcy, is seeking approval from a US bankruptcy court to sell its best bits, its most valuable assets… to itself.

Now while this might seem like yet more corporate jiggery-pokery (and there has been a lot of that around), GM CEO Fritz Henderson told the court that sale of GM’s best assets, [...]

• 
• Comment
• Read More

GENERAL MOTORS is looking to divest itself of around AU$15 billion in costs during its Chapter 11 reorganization, leading to a GM that could actually turn a profit, spend more on development, and resuscitate supply lines when existing stock clears out and new models can once again become the focus.

GM is also hoping to [...]

• 
• Comment
• Read More

THE INEVITABLE for General Motors - America’s 101 year-old vehicle manufacturing colossus, a symbol for generations of Americans and once the world’s largest car company - has now occurred.

Last night, Australian time, GM filed for bankruptcy. But while 11 plants will close, and three will be mothballed until at least the end of 2010, an [...]

• 
• Comment
• Read More

GM US HAS OVERNIGHT moved one step closer to bankruptcy following the rejection of a debt for equity offer by GM to its bondholders (the banks and institutions holding US$27.2 billion in GM debt securities).

Chapter 11 bankruptcy protection for GM is now all-but certain; perhaps as early as tomorrow. Of such a size and [...]

• 
• Comment
• Read More