Quote:
Originally Posted by CamaroSkooter
Chapter 11 isn't only about reorganizing/restructuring. 
But you're right, Chapter 11 only works if financing is available. However, I don't think that would have been an issue for GM. And even if it had been, I don't think allowing the government to purchase stocks in the company should ever have been on the table.
But hey, we are where we are now regardless of how we feel it should have been handled. |
You're overlooking public perception. GM was losing sales because they were in financial trouble and people were worried about them being around long enough to even fix the cars they already had sold. Them filing bankruptcy wouldn't have helped create the idea of stability amongst the general public and sales would have declined even more than they did.