General Motors edged another step closer to bankruptcy in a late Thursday filing with the U.S. Securities and Exchange Commission. In the report, the company formally acknowledged bankruptcy is a likely outcome if cannot resettle its debt and renegotiate its terms with the United Auto Workers by June 1.
You can download the full report below as a PDF, but of course it's a dense tome (439 pages). On page 7, though, GM says that relief "may include (i) seeking bankruptcy court approval for most or substantially all of our assets pursuant to Section 363(b) of the U.S. Bankruptcy Code to a new operating company, and a subsequent liquidation of the remaining assets in the bankruptcy case (a '363(b) sale')."
This is exactly the scenario playing out currently with Chrysler and Fiat. Only in this instance, there's no obvious buyer waiting to scoop up "Good GM" -- other than an entity backed by the U.S. government, says Automotive News. And so the agony goes on.
GeneralMotors_SEC_filing_5-14.pdf
Automotive News: GM sees Chrysler-like approach as likely in bankruptcy (sub.req)
Detroit News: GM studies bankruptcy options
Detroit News: Not so fast on idea of speedy bankruptcy for GM, Chrysler
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