Report: GM To File Chapter 11 Bankruptcy On Monday

Illustration for article titled Report: GM To File Chapter 11 Bankruptcy On Monday

GM plans to file for Chapter 11 bankruptcy on Monday, then sell most of its assets to a new company. The bankruptcy should last 60-90 days and be financed with $50 billion of Treasury money. [Bloomberg]

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DISCUSSION

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MissingPieces

I though bankruptcy wasn't an option? Shouldn't GM AND Chrysler have gone straight into bankruptcy as opposed to us throwing billions at them first? Oh, wait, that isn't how welfare statist work.