Quote:
Originally Posted by Super83Z
No, no its not. "Bad GM" will go to court and be sold off. "Good GM" will not and will restructure in 30-60 days then reopen. So its not your typical bankruptcy. A typical bankruptcy would have all of it go into court and EVERYTHING sold off.
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There are different types of bankruptcy, and I'm no expert but I think you are talking about chapter 7 where the company would be liquidated and sold off leaving nothing. GM would likely go into chapter 11, which I think means they would have a court renegotiate their debts to their creditors and also get additional concessions from workers. Their contracts would be history too. Those holding secure debts, like the bondholders for example, would get first dibs leaving those non-secured, like the unions, last. This happens frequently with the airlines being some of the biggest companies filing ch 11, reorganizing, and then emerging from bankruptcy.
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