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After Chrysler Bankruptcy, GM Not Far Behind

Tuesday, 05 May 2009 08:35 AM

DETROIT — Chrysler's bankruptcy filing may have an unintended consequence: It could bump cross-town competitor General Motors (GM) into Chapter 11.

After the government proved it's willing to let an automaker go into bankruptcy — and suffer the supply-chain and customer loyalty risks that go along with that — little could stop GM from filing for court protection if it fails to slash debt and win new labor contracts, according to USA Today.

Chrysler's filing came just hours after it failed to persuade bondholders to cut its debt from $6.9 billion to $2.25 billion. GM has to cut $27 billion in debt.

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DETROIT — Chrysler's bankruptcy filing may have an unintended consequence: It could bump cross-town competitor General Motors (GM) into Chapter 11. After the government proved it's willing to let an automaker go into bankruptcy — and suffer the supply-chain and customer...
general,motors
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2009-35-05
Tuesday, 05 May 2009 08:35 AM
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