Quote:
Originally Posted by irpq11
Problem is that their suppliers are the ones who would be screwed out of the money for the debt they wiped off. And how would the suppliers stay in business?
Which is the difference in Chapter 11 and what they currently are doing.
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The Government has already said they will bail out the suppliers whatever happens so that is not an issue anymore. Looking at how easily money is being handed out and being spent, I find it hard to believe this administration is going to allow GM to file for bankruptcy when they have the opportunity to strengthen their control over the decisions being made and at the same time strengthening the union contracts as well.. This is only the beginning and I do feel that my country is slipping away right in front of my very eyes. I support a bankruptcy that allows for GM to change the anti-trust laws surrounding the GM and he dealers. Also a bankruptcy would allow for a restructuring of the power the Union has over GM. All of these things are important in order for GM to become profitable again..