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]
GM bondholders wont swap debt for stock, bankruptcy looms [DetroitNews]
President Obama announced moments ago Chrysler will officially file for a "quick" Chapter 11 bankruptcy protection under United States Code in New York bankruptcy court later today, then partner with Fiat. Here's what happens next.
Fleetwood files for Chapter 11. [WSJ]
The Carpocalypse strikes again. Out of Kalamazoo, MI comes news Checker Motors, producers of the iconic Checker Cab, has filed for Chapter 11 bankruptcy.
Detroit's big players may be better off using Chapter 11 to come back from the brink says Jim Cramer, he of the Maddest Money, on BloggingStocks.com. His rationale? If gas prices stay where they are, there simply aren't enough GM products that people want, and there are way too many GM products that no one wants. He…
Ah, the weird, weird world of supply chains, Motown business practices and secretive private equity maneuverings. Yesterday, Plastech Engineered Products Inc., Chrysler's main supplier of parts, filed for bankruptcy. Chrysler, owned by private-equity firm Cerberus Capital Management, sued to obtain the toolings…
