en-us Copyright 2008 - All Rights Reserved. Mon, 23 Nov 2009 18:54:10 GMT 15 By Tony Hassemer
In the next few week General Motors is expected to reach yet another milestone in their 101-year history--bankruptcy.                 GM announced on Wednesday, May 27, that they were not able to obtain enough creditors to accept a 10 percent in the company in place for their $27 billion debt.                 If GM does file bankruptcy it would be one of the biggest Chapter 11 cases ever, according to analysts and industry observers.                  GM said they have a meeting before the June 1 deadline to produce a plan that can prove it can survive without bankruptcy to the government.                  “A few months ago, the idea of putting a major automaker into bankruptcy raised fears of things spiraling out of control, but the Chrysler bankruptcy seems to be going well, so right now the idea of bankruptcy seems a lot less frightening,” said Jeremy Anwyl, chief executive of automotive research firm Edmunds.com.                 GM will most likely obtain a “prepackaged” bankruptcy, which allows GM to continue their operations while the bankruptcy court splits operations between a “good” or “bad” GM.                 If GM does go through with bankruptcy it could turn into a national depression. ]]> Thu, 04 Jun 2009 18:59:39 GMT