Thoughts and discussions in economics, finance and history, with focus on China's interactions with the global economy.
Monday, April 27, 2009
GM outlines restructuring plan
Government's bankruptcy threat seems quite effective. GM ditched Pontiac brand, keeping Chevy, Cadillac, Buick and GMC. GM will also close 42% of its dealership stores. The plan also includes a debt-to-equity exchange program and bond holders will not be happy about the huge haircut. GM may eventually go to bankruptcy court.
No comments:
Post a Comment