Fox just announced that some GM execs are stating that General Motors will file bankruptcy before Christmas if a bailout deal is not reached with Congress. Just a threat to help their case for a bailout, or is there real substance to this?
Bankruptcy wouldn’t be a bad thing as it would allow the company to reorganize and get out of some its current contracts… but to announce it now, before they go before Congress again… and add Christmas in the mix? It smacks of a heavy-handed negotiation tactic to me. And I say why wait… go ahead and file for Chapter 11 tomorrow.
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