GM is Bankrupt
The time has come for Chevrolet and all of General Motors; GM is officially bankrupt and is now looking to help pay off their $172 Billion dollars of debt. It seem s the glory days of America’s auto industry are officially over – with this GM Chapter 11 approval being the final nail in this country’s traditional (and somewhat honorable, once) working class lifestyle.
The official announcement came at 7:57 am today to the New York Bankruptcy Court with the hopes of a rather quick 60 to 90 day turnaround. Chrysler LLC (now the Chrysler Group LLC) was approved for their Ch. 11 procedures fast, with Fiat taking over major ownership of that company. The 100 year old auto maker will now begin shedding most financial liabilities
General motors also GM disclosed the names of 13 plants it will close by the end of next year, dropping the number of assembly lines from 47 to 34, from Michigan to parts centers in Boston, Columbus, Ohio and Jacksonville, Fla.
With a listed $82.3 billion in assets and $172.8 billion in debts let’s keep our fingers crossed that Chevrolet can continue to stake a claim under the GM flag, and that not too many working class jobs are lost.
What Can we common Poeple do about the Bailout? Nothing.. we just have to wait and see if the company comes up and develops new cars and prototypes to please the americal consumer