Friday, July 10, 2009
GM out of bankruptcy - Take one!
It only took 40 days and 40 nights (almost biblical) for General Motors to exit from bankruptcy (but parts of the former company are still in bankruptcy liquidation which may take years to settle). The GM CFO, Ray Young, says that a lot of hard work and planning went into the bankruptcy to help speed it along. I'm sure some of the creditors that were stiffed wish that GM had planned as well when they were a real car company and not just a branch of government as it is now. So now there are just four different models, its leaner and meaner and ready to sell cars and compete with those nasty Japanese auto makers. By the way I have a Honda, its one of the best cars I've ever owned. GM stills owes $11 billion not to mention the $50 odd billion it owes the governments. Its going to be a very very tough road for them. Didn't Chrysler go bankrupt back in the '80s? Its done really well since eh?