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GM bondholders have only tendered “a low-single digit percentage” of GM’s $27 billion debt-for-equity swap offerings, reports Reuters. This (along with unfolding government/UAW deals) sets GM on a crash-course for bankruptcy, and a filing is expected as early as tomorrow, according to another Reuters report. Both stories are replete with quotes arguing the inevitability of GM’s debt-swap failure, although with a 90 percent required participation it didn’t take a professional analyst to figure out that GM’s offer was DOA. Next stop, bankruptcy court.
21 Comments on “GM Headed for World’s Largest Chapter 11 Filing...”
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This record will be short-lived once the Federal Government of the USA files soon enough.
Smegley wrote:
This record will be short-lived once the Federal Government of the USA files soon enough.
That will be Chapter 7.
Smegley: Totally agree, the ship in the photo is the USS USA, sank by the insane politicians and the absolute inability or want to balance budgets every year.
Guys, relax. They can just PRINT MORE MONEY!
Freedom fries on me!
Two things I never would have imagined in my wildest dreams growing up:
The Red Sox winning the World Series and GM filing bankruptcy.
Boggles the mind….
If the U.S. goes bankrupt, will China be the first in line to buy the good assets of the USA?
what made up rules will this bankruptcy follow.
Wow, the guy in the Reuters story thought GM was going to make a turnaround in 2008 so he bought more bonds. Perhaps he should have been reading TTAC.
I think America is now actually better at soccer than producing its own cars.
What’s really interesting is how David Bowie wrote GM’s theme song, 35 years early, but hey, he’s a prescient guy.
I believe that the GM filing will be the beginning of September 2008, Round 2.
Guys, relax. They can just PRINT MORE MONEY!
It means we’ll all be millionaires soon!!!
Akear: I think America is now actually better at soccer than producing its own cars.
Blimey, don’t get carried away, Americas not been good at either for…er…..ever?!! ;)
GM’s kinda like Newcastle in the english premier league getting relegated at the weekend. The die hards and many others said it was too big to go down, they never thought it would happen, but happen it has. Everyone else saw it coming, at least theres another season to play now, smaller, less powerful but with a point to prove.
Guys, relax. They can just PRINT MORE MONEY!
They are moving auto industry workers to pulp mills and printing shops. Reallocation of resources, don’t you know.
“They can just PRINT MORE MONEY!”
http://www.youtube.com/watch?v=_dmPchuXIXQ
You need to watch this. Then you need to tell everyone on the internet.
Oh yeah and did you know about the owl on the printed one dollar bill? It’s on the front on the right hand side near the large “1” symbol. There is an area where the pattern ends and inside is an owl. Then research Bohemian Grove.
Oh yeah and GM is in serious trouble.
Hourly employees at GM Powertrain in Pontiac MI were paid today, (one day early) and told to cash their checks ASAP.
The US can’t go bankrupt..they’ll just raise taxes until it equals out. My economics textbook says so.
Wait, what is a Laffer curve? Who was Keynes?
It’s too hard, I’ll just vote however my union steward tells me.
Chapter 11. It’s what you’ve asked for. Just remember that.
Guys, relax. They can just PRINT MORE MONEY!
It means we’ll all be millionaires soon!!!
The US can’t go bankrupt..they’ll just raise taxes until it equals out. My economics textbook says so.
Yes, people should remember how bad the choices are now so next time they could be reminded not to make the mistakes that led to this.
This will mark the official beginning of our next ‘Great Depression.’
Think I exaggerate?
Wait a few months.
People have no idea how many knock on effects this is going to have. The government and their advisers, both legal and industry experts, admit as much.
It’s going to be a deep, dark time in the USA, and many other countries, I might add.