Quote:
Originally Posted by Morepwr
I thought they got the concession they needed from their union and vendors?
Bummer for them.
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This sounds like this is a clean up bankruptcy. All of the major players have agreed to concessions and declaring bankruptcy is so that they can have a judge force concessions from the smaller players. The major banks (JP Morgan, Citi) have written off $5 billion of debt and the UAW has agreed to concession now they just need to get the smaller debt holders to agree.