GM considering Chapter 11 filing, new company: Report
CHICAGO: General Motors Corp, nearing a Tuesday deadline to present a viability plan to the US government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, a business daily reported.
"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some US brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."
Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.
GM declined to comment, the story said.
CHICAGO: General Motors Corp, nearing a Tuesday deadline to present a viability plan to the US government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, a business daily reported.
"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some US brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."
Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.
GM declined to comment, the story said.
