Bankrupt GM and disontinued 2010 Camaro - Page 9

*Mr. Wyndham* · 02-14-2009, 05:12 PM

Quote:

Originally Posted by CamaroSkooter

Um, don't they mean Chapter 7?

Chapter 7 is death. Under Chpt. 7 rules, everything GM owns would be sold off to the highest-bidding vulture. General Motors Corporation would cease to exist. They would never consider that.

According to the article, they're considering Chpt. 11. Which is, ideally, a government funded and directed restructuring. That's not 'new' news. They would be foolish to ignore any angle of the situation. And I'm certain they've been reviewing it for some time, now. But that doesn't mean they want to go Chpt 11. They don't, and they would do absolutely everything possible to prevent that from occurring. It's of course an "option", just like jumping off a cliff with no harness: it's extremely risky for a company of that size, in this economy.

leatherneck · 02-14-2009, 05:32 PM

Ok. im sure by now youve heard the news!!

First from reuters that GM is seriously considering filing chapter 11.

Secondly from AP---uaw has walked away from talks over retirement health benefits --so it looks seriousl that GM will be able to show its viability --by tuesday!!!!!!!

Any thoughts if either of these two things happens???????
Will chapter 11 stop camaro build lines?? after alll everything with suppliers and such would have to be redone????

Anyone with knowlrdge on these two subjects care to lend us tour wisdom??

Chevyrocker · 02-14-2009, 05:34 PM

Hylton · 02-14-2009, 05:53 PM

Quote:

Originally Posted by Dragoneye

Chapter 7 is death. Under Chpt. 7 rules, everything GM owns would be sold off to the highest-bidding vulture. General Motors Corporation would cease to exist. They would never consider that.

According to the article, they're considering Chpt. 11. Which is, ideally, a government funded and directed restructuring. That's not 'new' news. They would be foolish to ignore any angle of the situation. And I'm certain they've been reviewing it for some time, now. But that doesn't mean they want to go Chpt 11. They don't, and they would do absolutely everything possible to prevent that from occurring. It's of course an "option", just like jumping off a cliff with no harness: it's extremely risky for a company of that size, in this economy.

They are selling less cars now then ever. They cannot pay existing debt and expenses with the current revenue they are generating. Either they get a huge cash infusion to service that debt/expense or they cut down the debt. How are they going to do that? They can't so only one alternative CH11. Like it or not, it's going to happen.

leatherneck · 02-14-2009, 05:56 PM

Everyone talking about everything else on these rhreadsa except that our camaro may not --nowwwww --be built------oh well i guess no one cares

VJCamaro · 02-14-2009, 06:04 PM

General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.

"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. 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."

http://news.yahoo.com/s/nm/20090214/bs_nm/us_gm_plan

Blownhotrodder · 02-14-2009, 06:08 PM

Quote:

Originally Posted by leatherneck

Ok. im sure by now youve heard the news!!

First from reuters that GM is seriously considering filing chapter 11.

Secondly from AP---uaw has walked away from talks over retirement health benefits --so it looks serious that GM WONT be able to show its viability --by tuesday!!!!!!!

Any thoughts if either of these two things happens???????
Will chapter 11 stop camaro build lines?? after alll everything with suppliers and such would have to be redone????

Anyone with knowlrdge on these two subjects care to lend us tour wisdom??

There I fixed it for you.

Silver Streak · 02-14-2009, 06:08 PM

Quote:

Originally Posted by Hylton

They are selling less cars now then ever. They cannot pay existing debt and expenses with the current revenue they are generating. Either they get a huge cash infusion to service that debt/expense or they cut down the debt. How are they going to do that? They can't so only one alternative CH11. Like it or not, it's going to happen.

Spoken as true fact? There are some great insider information about the restructuring of GM, maybe they could come here and let everyone answer the questions they are facing right now! Until bankruptsy or any other thing that is important actually happens to GM's survival, it is only speculation! Speaking opinions as truth is not the responsible or the wise thing to do, unless of course you like stirring! IMO

Number 3 · 02-14-2009, 06:09 PM

Keep in mind the UAW will go to 11:59:59 to make sure the membership believes they fought for every last nickel. Can't go any other way. Never has, never will.

leatherneck · 02-14-2009, 06:10 PM

Quote:

Originally Posted by VJCamaro

General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.

"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. 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."

http://news.yahoo.com/s/nm/20090214/bs_nm/us_gm_plan

the other reprt say uaw walked out of talks because of retirement heath care benefits --so definately ni viability by tuesday

CamaroScotty · 02-14-2009, 07:08 PM

Close thread and delete.

The bullshit posting really needs to stop.

fastball · 02-14-2009, 07:22 PM

It's not bullshit when it's a legitimate concern. They even mentioned it on my local news today, and the local news I watch is never one to sensationalize or blow anything out of proportion.

It's a legit concern. GM is too big in it's current fashion to operate profitably with the amount of cars they sell. And they can't scale back as fast as they need to (and believe me I know they are trying desparately to do so) due to all the union contracts, their debts to suppliers, and the sheer size and scope of the overall company. It's like trying to get an elephant to win a 100 meter race against a cheetah. If someone doesn't hook it up to a crane, put it on the back of an 18 wheeler, and hit the gas to help it along, it's gonna loose.

That's essentially what Ch. 11 is gonna do for GM - put them on the back of that 18 wheeler.

But once they've gone the 100 meeters, it's up to GM to walk on it's own again.

Rodrunner · 02-14-2009, 07:25 PM

Quote:

Originally Posted by Hylton

They are selling less cars now then ever. They cannot pay existing debt and expenses with the current revenue they are generating. Either they get a huge cash infusion to service that debt/expense or they cut down the debt. How are they going to do that? They can't so only one alternative CH11. Like it or not, it's going to happen.

Agreed, and I for one don't want to see the cash infusion which would end up going to the same unyielding debtors and union and simply prolong Chapter 7. With the legal help of Chapter 11, the leaches will be forced to relent and give the company a chance to restructure and survive.

Silver Streak · 02-14-2009, 08:04 PM

Quote:

Originally Posted by fastball

It's not bullshit when it's a legitimate concern. They even mentioned it on my local news today, and the local news I watch is never one to sensationalize or blow anything out of proportion.

.

lol

02-14-2009, 05:32 PM	#114
leatherneck Drives: yellow/bl. hood stripes-ss/rs Join Date: Dec 2008 Location: ohio Posts: 247	news reports from rueters an ap!!!!!!!! Ok. im sure by now youve heard the news!! First from reuters that GM is seriously considering filing chapter 11. Secondly from AP---uaw has walked away from talks over retirement health benefits --so it looks seriousl that GM will be able to show its viability --by tuesday!!!!!!! Any thoughts if either of these two things happens??????? Will chapter 11 stop camaro build lines?? after alll everything with suppliers and such would have to be redone???? Anyone with knowlrdge on these two subjects care to lend us tour wisdom??

02-14-2009, 06:09 PM	#121
Number 3 Hail to the King baby! Drives: '19 XT4 2.0T & '22 VW Atlas 2.0T Join Date: Dec 2008 Location: Illinois Posts: 12,301 View My Garage	Keep in mind the UAW will go to 11:59:59 to make sure the membership believes they fought for every last nickel. Can't go any other way. Never has, never will. __________________ "Speed, it seems to me, provides the one genuinely modern pleasure." - Aldous Huxley

02-14-2009, 05:34 PM	#115
Chevyrocker Weekend Rockstar Drives: Depends on the day... Join Date: Mar 2008 Location: West Palm Beach Posts: 1,442

02-14-2009, 05:56 PM	#117
leatherneck Drives: yellow/bl. hood stripes-ss/rs Join Date: Dec 2008 Location: ohio Posts: 247	Everyone talking about everything else on these rhreadsa except that our camaro may not --nowwwww --be built------oh well i guess no one cares

02-14-2009, 06:04 PM	#118
VJCamaro Please not have any Delay Drives: 2SS, RS, Sunroof, Polished Join Date: Jan 2009 Location: Hammond, LA Posts: 205	General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition. "One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. 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." http://news.yahoo.com/s/nm/20090214/bs_nm/us_gm_plan

02-14-2009, 07:08 PM	#123
CamaroScotty Account Suspended Drives: Your new SLP Camaro! Join Date: Jul 2008 Location: Cedarburg, WI Posts: 6,790	Close thread and delete. The bullshit posting really needs to stop.

02-14-2009, 07:22 PM	#124
fastball Banned Drives: 2017 Camaro 2SS 6MT Join Date: Aug 2006 Location: Cleveland, Ohio Posts: 4,361	It's not bullshit when it's a legitimate concern. They even mentioned it on my local news today, and the local news I watch is never one to sensationalize or blow anything out of proportion. It's a legit concern. GM is too big in it's current fashion to operate profitably with the amount of cars they sell. And they can't scale back as fast as they need to (and believe me I know they are trying desparately to do so) due to all the union contracts, their debts to suppliers, and the sheer size and scope of the overall company. It's like trying to get an elephant to win a 100 meter race against a cheetah. If someone doesn't hook it up to a crane, put it on the back of an 18 wheeler, and hit the gas to help it along, it's gonna loose. That's essentially what Ch. 11 is gonna do for GM - put them on the back of that 18 wheeler. But once they've gone the 100 meeters, it's up to GM to walk on it's own again.