1 vote

GM Defaults; Chrysler to be LIQUIDATED next week

GM DEFAULTS (GM)
Joe Weisenthal|Apr. 22, 2009, 12:41 PM

But now it's official. The company's CFO says the firm will not make its June 1, $1 billion debt payment reports WSJ.

http://www.businessinsider.com/gm-defaults-2009-4

GM Plans to Skip $1 Billion Debt Payment
* APRIL 22, 2009, 1:11 P.M. ET

General Motors Corp. Chief Financial Officer Ray Young said the company doesn't plan on making a $1 billion debt payment due June 1 and is relying on either a successful debt-for-equity exchange or court protection to dramatically lower its outstanding debt.

Mr. Young, speaking to reporters on the sidelines of a Chinese auto industry summit near Detroit, said the company will launch a debt-for-equity exchange in coming days aimed at greatly reducing its $28 billion unsecured debt load. He said GM needs to move quickly to commence the offer in time to wrap it up by June 1, the federal government deadline it faces for revamping the company.

http://online.wsj.com/article/SB124041946006244177.html

Chrysler Liquidation Could Start Next Week

Apr. 21, 2009, 7:51 AM

Just a few months ago, the prospect of the government letting a major car company go into liquidation seemed impossible. Surely, in an effort to protect the UAW, the big three would be propped up as zombie autos in some way or another.

But it looks like the weakest of them, Chrysler, may be kaput. Not restructured, not forced into some kind of government-sponsored pre-packaged bankruptcy, but actually scrapped for parts in an auction.

http://www.businessinsider.com/chrysler-liquidation-could-st...

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Is it time

To buy a new car ??

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

Chrysler Peapod

Too bad. This may never see the light of day (was on the Today Show this morning)...

http://jalopnik.com/5053552/chrysler-peapod-electric-for-gat...

..................
"The main thing that I learned about conspiracy theory is that conspiracy theorists actually believe in a conspiracy because that is more comforting. The truth of the world is that it is chaotic..." —Alan Moore

..................
"The main thing that I learned about conspiracy theory is that conspiracy theorists actually believe in a conspiracy because that is more comforting. The truth of the world is that it is chaotic..." —Alan Moore

Isn't that adorable

I want to pinch its cheeks.

Colchester, New London County, Connecticut

It's about time.

Those two companies have been pissing wealth away for quite a long time now. I wish all the best to whoever buys their assets; may they put them to profitable use.

-jcr

"The problem with trying to child-proof the world, is that it makes people neglect the far more important task of world-proofing the child." -- Hugh Daniel

Right

!

So how many jobs is that ? Oh you gotta go buy some rations now

*******************************************
*,`*•.¸.•¨¯¨•.__________________III Live like you mean it
~~ | ~ () ~[|||||||||||||||||||||[~} Your life is your own

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Stop the NWO....It's just illumi..Naughty !

Saw somewhere, but I know it's out there..

That if Chrysler and GM fall, the average American's standard of living is going to drop by like 25%.

Thank god I'm not average...lol.

Let's see how much pain the people will take, shall we?

~Live life to its fullest, with an open heart, open arms and most important... an open mind~

Thankfully I'm not average either but it's raining today and I

Can't work :( check out the zombie bank tune :) it's catchy !!
*******************************************
*,`*•.¸.•¨¯¨•.__________________III Live like you mean it
~~ | ~ () ~[|||||||||||||||||||||[~} Your life is your own

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Stop the NWO....It's just illumi..Naughty !