GM to Create New Company after Filing for Chapter 11?
Is GM ready to file for Chapter 11? Is it going to form a new company? These are all obvious questions since it still depends on bailout money which it doesn’t have to prologue its life.
According to the Wall Street Journal GM is considering Chapter 11 filing. GM will be willing to reorganize its viable assets into a new company. Everything else will be sold off in bankruptcy court or liquidated. That’s of course if the government doesn’t decide to give GM more money to survive.
via WSJ
Tags: Bankruptcy, Chapter 11, GM