GM Bankrupt in a few hours!

[Hoya]

http://www.autoblog.com/2009/05/27/breaking-gm-lurches-toward-bankruptcy-as-bondholder-offer-fails/

that all we love to hear ;)

[poita]

you must seriously have something wrong with you thinkin that its a good thing that a large worldwide company is going bankrupt

[Hoya]

you must seriously have something wrong with you thinkin that its a good thing that a large worldwide company is going bankrupt
of course its bad, but cmon any company should have a reserve of money if tough times come past.

even the little butcher had abit of money aside for the bad times

[Neeko]

you must seriously have something wrong with you thinkin that its a good thing that a large worldwide company is going bankrupt

+1 thats terrible to hear. Its one thing when you hear purity window tinting is broke with 1 person working there...but General Motors, thats big.

[ChrisMaz]

:eek: Oh god. Not good news at all.

[kabel]

Chapter 11 Bankruptcy is diffferent to bankrupt.
Chrysler is already in Chapter 11 Bankruptcy

[dmrmgl]

oh no... i just bout my astra last week....noooooooooooooooooooooo

[Hoya]

oh no... i just bout my astra last week....noooooooooooooooooooooo
prob wont really affect australians as much holden runs as a seperate entity to GM

[dmrmgl]

prob wont really affect australians as much holden runs as a seperate entity to GM


thats sound make me better.

[Wraith]

you must seriously have something wrong with you thinkin that its a good thing that a large worldwide company is going bankrupt

+ 2

Not a good thing to hear about at all !

You've got to just consider or think about the consequences to the economies of the rest of the World's countries which will be directly or indirectly affected by this to realise that...and the World's ecomies are already in a GFC (global financial crisis) condition.

If the company totally folds, the World's car market will never be the same, that in itself is a very sad thought for any car enthusiast whether you liked their products or not...

[rjastra]

Dont worry... FORD will be there soon enough. They will start to beg for US18B in loan assurances soon enough.

All car companies are bleeding money like there is no tomorrow.

[USC]

How about BMW and Merc? How are they doing?

Have any of you seen the next generation 5 series? Its probably the ugliest car I have seen in ages. The ugliest boot ever!

[USC]

Dont worry... FORD will be there soon enough. They will start to beg for US18B in loan assurances soon enough.

All car companies are bleeding money like there is no tomorrow.

Not only car companies mate. Ford is actually doing quite well in australia... The fiesta is selling like hot cakes.

[Brazza]

Maybe hoya is a bankruptcy lawyer in secret and stands to make a shitload of money from it :p

but jokes aside that is not cool :(

[rjastra]

Not only car companies mate. Ford is actually doing quite well in australia... The fiesta is selling like hot cakes.

And Focus sales were off 900+ units for April. Swings and roundabouts it seems. I can't imagine the Fiesta would be a high profit margin vehicle (it isn't in the top 20 for April).

[Ice]

How about BMW and Merc? How are they doing?

Have any of you seen the next generation 5 series? Its probably the ugliest car I have seen in ages. The ugliest boot ever!

USC you are trippin ? haha it looks hot....

http://www.edbmw.com/photos/BMW5series_back.jpg

[Ice]

[QUOTE=USC;436097]How about BMW and Merc? How are they doing?
QUOTE]


BMW im not sure, Mercedes Passenger cars have taken a big hit but most other parts of the company (ie; freightliner, fuso etc) are ok. Service and parts and holding everything up it seems as their sales are booming.

[Ice]

http://www.autoblog.com/2009/05/27/breaking-gm-lurches-toward-bankruptcy-as-bondholder-offer-fails/ (http://www.autoblog.com/2009/05/27/breaking-gm-lurches-toward-bankruptcy-as-bondholder-offer-fails/)
that all we love to hear ;)

I hope it was sarcasm ?

[Wraith]

USC you are trippin ? haha it looks hot....

http://www.edbmw.com/photos/BMW5series_back.jpg

Agree, that is quite nice :)

AFAIK both BMW and Merc are doing it harder these days, I've been told by several Merc dealers here, the competing Bavarian factories are operating 4 day weeks and similar at Merc plants...

I've seen pics of BMW's and Mercs stockpiled and overflowing and holding bases O/S similar to most Japaneses brands...

Audi seem to have travelled better, but are beginning to feel the pinch more recently as 3 members of the Audi forum I'm a member of have just recently purchased various top end models at a huge discount...

[EL BURITO]

Chapter 11 Bankruptcy is diffferent to bankrupt.
Chrysler is already in Chapter 11 Bankruptcy



Chapter 11 is a chapter of the United States Bankruptcy Code (http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States), which permits reorganization under the bankruptcy (http://en.wikipedia.org/wiki/Bankruptcy) laws of the United States (http://en.wikipedia.org/wiki/United_States). Chapter 11 bankruptcy is available to every business (http://en.wikipedia.org/wiki/Business), whether organized as a corporation (http://en.wikipedia.org/wiki/Corporation) or sole proprietorship (http://en.wikipedia.org/wiki/Sole_proprietorship), and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 (http://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Code) governs the process of a liquidation (http://en.wikipedia.org/wiki/Liquidation) bankruptcy, while Chapter 13 (http://en.wikipedia.org/wiki/Chapter_13,_Title_11,_United_States_Code) provides a reorganization process for the majority of private individuals.

When a business is unable to service its debt or pay its creditors (http://en.wikipedia.org/wiki/Creditors), the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 (http://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Code) or Chapter 11.
In Chapter 7 the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court

[kabel]

Pick your link..they all point to the same thing.
Although retiring GM product guru Bob Lutz seems to think GM will emerge and be stronger for it.

http://www.reuters.com/article/bigMoney/idUS241973276820090529

http://www.bloomberg.com/apps/news?pid=20601087&sid=azwLDwPkZ4ck&refer=home

http://www.telegraph.co.uk/finance/newsbysector/transport/general-motors/5404941/Fiat-refuses-to-attend-emergency-GM-talks-as-transatlantic-funding-row-deepens.html

http://www.telegraph.co.uk/finance/newsbysector/transport/general-motors/5404941/Fiat-refuses-to-attend-emergency-GM-talks-as-transatlantic-funding-row-deepens.html

[MatsHolden]

Ok so GM's relatively safe for now. US Government have bought a 72.5% stake in GM.

[hazrd]

lol what a surprise...