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Treasury Tells GM to Prep for Bankruptcy
The Page by Mark Halperin —
... GM directed to lay the groundwork for a filing by the June 1 deadline, despite the company's contention it could reorganize out of court.
The goal is to prepare for a fast “surgical” bankruptcy.
Members of Obama's auto task force spent last week in meetings with G.M. officials. Those talks are expected to continue this week.
Plus: ...
Treasury Tells GM to Prep for Bankruptcy
The Page by Mark Halperin —
... GM directed to lay the groundwork for a filing by the June 1 deadline, despite the company's contention it could reorganize out of court.
The goal is to prepare for a fast “surgical” bankruptcy.
Members of Obama's auto task force spent last week in meetings with G.M. officials. Those talks are expected to continue this week. ...
Treasury Directs GM to Prepare for BK
Calculated Risk —
From the NY Times: ‘Surgical’ Bankruptcy Possible for G.M. The Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by a June 1 deadline... The goal is to prepare for a fast “surgical” bankruptcy, the people who had been briefed on the plans said. ... One plan under consideration would create a new company that would buy the “good” assets of G.M. almost immediately after the carmaker files for bankruptcy. ... Treasury officials are examining one potential outcome in which the “good G.M.” enters and exits ...
GM preparing for possible bankruptcy: report
Democratic Underground Latest Breaking News —
... report said. One plan under consideration would create a new company that would buy the "good" assets of GM almost immediately after the carmaker files for bankruptcy, the newspaper reported. Less desirable assets, including unwanted brands, factories and health-care obligations, would be left in the old company, which could be liquidated over several years, it said. Read more: http://www.marketwatch.com/news/story/GM-preparing-poss... Surgical Bankruptcy Possible for G.M. http://www.nytimes.com/2009/04/13/business/13gm.html?_r...
Newspaper Roundup for Apr. 13, 2009
CNSNews.com Headlines —
... Globe: Amid layoffs, child support pacts fraying Stressed-out parents ask family court for help, relief Chicago Sun-Times: Obamas just visiting St. John's Episcopal Church for Easter Boston Globe: Ships still held by pirates off Somalia Washington Post: The ABCs of Compassion Fourth-Graders' Letters Cut AIG Some Slack Washington Post: Veterans Administrator Orders 'Top to Bottom' Review Following Incident With Radio Reporter New York Times: Surgical Bankruptcy Possible for G.M. USA Today: U.S. saw record number of visitors ...
Treasury to GM: Prep for Bankruptcy
The Page by Mark Halperin —
... GM directed to lay the groundwork for a filing by the June 1 deadline, despite the company's contention it could reorganize out of court.
The goal is to prepare for a fast “surgical” bankruptcy. Obama auto task force to continue talks with GM officials this week.
Plus: ...
Uncle Sam Forces GM to Stop and Ask for Directions to Bankruptcy
Truthdig: Drilling Beneath the Headlines —
GM has until June 1st to cut a deal with its workers and bondholders, but the Treasury Department is requiring the automaker to prepare for bankruptcy in the mean time, according to the New York Times. Newly-installed GM chief Fritz Henderson is more receptive to the possibility than his predecessor, but warns “If we need ...
Preparing for the Inevitable? (GM and Bankruptcy)
PoliBlog: A Rough Draft of my Thoughts —
Via the NYT: Treasury Is Said to Warn G.M. of Bankruptcy Risk
The goal is to prepare for a fast “surgical” bankruptcy, the people who had been briefed on the plans said. G.M., which has been granted $13.4 billion in federal aid, insists that a quick restructuring is necessary so its image and sales are not damaged permanently.
The preparations are aimed at assuring a G.M. bankruptcy filing is ready should the company be unable to reach agreement with bondholders to exchange roughly $28 billion in debt into equity in G.M. and with ...
NYT
Sister Toldjah —
‘Surgical’ Bankruptcy Possible for G.M.
Surgery With a Dull Instrument
The Sundries Shack —
The New York Times is reporting that the Treasury Department is telling General Motors to prepare itself for a “surgical” bankruptcy , to be performed by the government. Secretary Geithner hopes to get the deed done quickly and to have two different companies when he’s finished, a good one with nothing but healthy assets and a bad one with nothing but dead or dying assets. I don’t know about you, but my reading of history shows me our Federal government is woefully inept at doing anything with alacrity or precision. If this operation is going to be effective and, indeed, ...
Obama Driving General Motors Into Bankruptcy
Say Anything —
Obama’s only been the defacto CEO of GM for a matter of weeks now, after having canned the previous CEO, but I think it’s more than fair to blame him for GM’s failure. After all, it was Obama and his fellow liberals (and some Republicans too, shame on them) who set out to save General Motors from failure because the company was “too big to fail” (read: “too important a host for union parasites to allow to fail”) and now it’s Obama and those same liberals who are going to be “assisting” General Motors as it declares bankruptcy.
DETROIT — The Treasury ...
GM prepares bankruptcy filing, with $70B taxpayer pricetag
Hot Air » Top Picks —
GM prepares bankruptcy filing, with $70B taxpayer pricetag posted at 5:05 pm on April 14, 2009 by Ed Morrissey Send to a Friend | Share on Facebook | printer-friendly Two weeks ago , reports had Barack Obama leaning towards bankruptcy for GM as a solution to their problem — after soaking taxpayers for $14 billion just a few months earlier. Today, the New York Times reports that GM has prepared a “surgical” bankruptcy, apparently hoping for a debt-ectomy. Don’t worry about the waste, though, because the taxpayers will receive a transplant of all the cancerous liabilities that crashed the automaker, and it’s the government pushing ...
Government Motors Follies: Surgical Taxpayer-Soaking Edition
Patterico's Pontifications —
[Posted by Karl]
In our last episode, I commented that The Atlantic’s Megan McArdle may have been mistaken in thinking a General Motors bankruptcy was “inevitable”:
McArdle may be underestimating the lengths to which the Obama Administration and a Democratic Congress will go to bail out the UAW and its electorally-important, white, blue-collar, workers in the swing states of the upper Midwest.
Ed Morrissey highlights today’s New York Times report that GM has prepared a “surgical” bankruptcy, in which taxpayers would shell out tens of billions of dollars to cover the legacy costs of ...
