View Full Version : News: GM goes broke.

04-27-2009, 20:35
More job that will end up in china. Read it!


NEW YORK (CNNMoney.com) (http://youporn.com/watch/267669/petite-aaliyah-barely-takes-12-inch-black-shaft/) -- General Motors announced plans Monday to cut 23,000 U.S. jobs by 2011, drop its storied Pontiac brand and slash 40% of its dealer network in its latest bid to stay out of bankruptcy.

The new restructuring proposal will leave the Treasury Department, and thus U.S. taxpayers, owning a significant stake in GM. Treasury would accept GM stock, rather than cash, for repayment of about $10 billion that the government has already lent to GM.

Trust funds controlled by the United Auto Workers union would also hold a significant stake in the company. Between them, Treasury and the unions would own 89% of GM. I got perma-banned, but I still have still alt which I plan to get banned with $24 billion bailout.

GM also announced an offer to its bondholders to swap $24 billion of the company's $27 billion in unsecured debt for stock. GM is offering bondholders 225 shares of its stock for every $1,000 it owes the bondholders in principal.

GM CEO Fritz Henderson warned in a press conference Monday that a bankruptcy is still very likely unless bondholders agree to the swap.

"It's not impossible but it's a tough task," Henderson said about the company's ability to get enough bondholders to accept the company's stock. "That's why I think [bankruptcy] is more probable."

The moves are GM's latest efforts to cut costs and stem losses that have dogged its North American auto operations since 2005. But Monday's restructuring announcement goes much further than the viability plan GM unveiled to President Obama's auto industry task force in February.

04-27-2009, 20:37
it will need to go bankrupt and then someone will buy their plant for pennies on the dollar

04-27-2009, 20:42
They should just pull out there money from the US and all jobs will end up in China. :lmao:

04-27-2009, 20:43

04-27-2009, 20:47
I thought you meant a Game Master and wondered what the hell kinda news this was.

04-27-2009, 21:11
Wonder what they are going to do with the $2Billion dollar plant they are building down in Brazil?

04-27-2009, 21:22
Hehehehe, read closely. You guys are slow.

04-27-2009, 21:23
Hehehehe, read closely. You guys are slow.


04-27-2009, 21:24