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Old 05-19-2009, 03:32 PM  
KC-TBB KC-TBB is offline
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GM to sell to GOVT

NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.

The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims.

GM has about $6 billion in secured debt, including a secured revolving credit and bank debt.

The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.

The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.
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Old 05-19-2009, 03:33 PM   #2
KC-TBB KC-TBB is offline
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We are all going to be driving around in 25 hp 'smart cars' painted contractors beige.
ARRGGGGHHHH
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KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.KC-TBB must have mowed badgirl's lawn.
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Old 05-19-2009, 03:35 PM   #3
Donger Donger is offline
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I guess "GM" still works, after all.
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Old 05-19-2009, 03:43 PM   #4
BigMeatballDave BigMeatballDave is offline
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Hey, if they are gonna be owned by the government, shouldn't all taxpayers get employee pricing all the time now?
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Old 05-19-2009, 03:44 PM   #5
Buehler445 Buehler445 is offline
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Old 05-19-2009, 03:45 PM   #6
Buehler445 Buehler445 is offline
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This thing reeks of the airbus fail.
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Old 05-19-2009, 03:52 PM   #7
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Wow, nationalization on the scale of Chavez...
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Old 05-19-2009, 04:19 PM   #8
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Originally Posted by mikey23545 View Post
Wow, nationalization on the scale of Chavez...
Is this the Change that everyone was promised?
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Old 05-19-2009, 04:32 PM   #9
Raised On Riots Raised On Riots is offline
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Yep, eight years of irresponsible bullshit is a bitch of a hole to have to try and climb out of.
More damage done to the Nation by the Neo Cons.

Great job guys! Just great.
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Old 05-19-2009, 04:36 PM   #10
SBK SBK is offline
Curry is the pick???
 
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Old 05-19-2009, 04:37 PM   #11
SBK SBK is offline
Curry is the pick???
 
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Originally Posted by Raised On Riots View Post
Yep, eight years of irresponsible bullshit is a bitch of a hole to have to try and climb out of.
More damage done to the Nation by the Neo Cons.

Great job guys! Just great.
Now you're pretending to be BEP?
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Old 05-19-2009, 04:39 PM   #12
Raised On Riots Raised On Riots is offline
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I'm tellin' ya'; god damn that Obama for not having a magic wand! Who the **** does he think he is?!
Call Gingrich, I'm sure he has one.
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Old 05-19-2009, 04:40 PM   #13
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I can't wait to pick up an Obamobile. It'll perform worse than the competition but only cost twice as much.
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Old 05-19-2009, 04:42 PM   #14
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IndyMac Federal Bank, FSB (Federal Savings Bank) is a bridge bank created to manage assets and liabilities of IndyMac Bank, FSB. As of March 19, 2009, all deposits of IndyMac Federal Bank have been transferred to OneWest Bank, a newly created bank also based in Pasadena. "IndyMac" is a generally accepted contraction of the formal name Independent National Mortgage Corporation. Before its failure, IndyMac Bank was the largest savings and loan association in the Los Angeles area and the seventh largest mortgage originator in the United States.[1] The failure of IndyMac Bank on July 11, 2008, was the fourth largest bank failure in United States history[2], and the second largest failure of a regulated thrift.[3] IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank [4]. IndyMac Bancorp has filed for Chapter 7 bankruptcy[4].
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Old 05-19-2009, 04:43 PM   #15
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Quote:
Originally Posted by KC-TBB View Post
In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.
am I reading that correctly? The government loaned a bunch of taxpayer money to GM in the bailout, then the government "takes over" GM and forgives the taxpayer loan? isn't that kinda like stealing? or am I completely off here?
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