CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW.
That is their best option, hands down. We are in an era in which a boy from Hi knows better on how to run a major corporation. We hear all the crap from DC wanting to regulate CEO pay, CAFE and allow states to impose very strict emissions. It's a recipe for disaster. Declare bankruptcy, emerge as a new company, and then pick and choose what states you want to sell cars to. I'm hoping Ca gets cut out of the car market.
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The UAW walked out of the concession talksFriday so its looking like that may be the last option...and I agree completely on cutting CA out of the new car markets. Nothing like trying to legislate the brilliant ideas that crashed your state to the rest of the country. Whats the odds of getting Mexico to take it if we offered to give it back?
That is their best option, hands down. We are in an era in which a boy from Hi knows better on how to run a major corporation. We hear all the crap from DC wanting to regulate CEO pay, CAFE and allow states to impose very strict emissions. It's a recipe for disaster. Declare bankruptcy, emerge as a new company, and then pick and choose what states you want to sell cars to. I'm hoping Ca gets cut out of the car market.
Hey ! I like that ! Fact is, if they're insolvent and cannot compete they should vaporize. It's a shame
they took that tidal wave of money with them before this new contemplation.
I have long supported boycott of Kalifornia for cars, gasolene and guns as these seem to be the biggest
areas of legislative influence coming out of the 'left' state.
Specifically for Pelosi's constituents, I'd blockade the food shipments....
People thought I was a heartless SOB when I was against the auto bailout, and said they needed to go chapter 11. I knew that the money would only prolong the inevitable. They got the money, and the workers are still losing their jobs. Wasting all that money is bad enough, but the worst part is if there is no true re-organization, there is no way GM, will ever stay afloat. I want them to stay afloat, because I am a Buick man.
Ford is smart for not taking the money.
I think the best jobs planfor California, is for themto manufacture their own cars, fuel mixtures, and anything else to match their own set of rules.
C. Davis
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That is their best option, hands down. We are in an era in which a boy from Hi knows better on how to run a major corporation. We hear all the crap from DC wanting to regulate CEO pay, CAFE and allow states to impose very strict emissions. It's a recipe for disaster. Declare bankruptcy, emerge as a new company, and then pick and choose what states you want to sell cars to. I'm hoping Ca gets cut out of the car market.
I agree, cut California out. Like how Barrett did, don't even sell to Law Enforcement. Once the state agencies can't buy equipment they might wake up...
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Yah . . . the UAW walks out. Hmmm. Is this illuminating or what? I think the answer for GM is to (1) enter chapter 11; (2) approach the US government about making some sort of warantee to GM customers that if GM folds, there is a back-up plan to service their cars; (3) close inefficient plants in MI; (4) 4hit can the union; and (5) transfer production from MI to more efficient, business friendly sites, such as Arlington, TX.
RE: #2 -- I'm not keen about government bailouts, but this item may be a small exposure and further is necessary, otherwise entering Chapter 11 is like a death nell for GM. Who wants to buy a new car from a company who may not be able to provide logistics support for that new car in two years?
RE: #3 & #5 -- Sure, I'll agree this can't be done overnight and may be impractical in the context of possibly calling for a major capital investment at a time when the company has no capital to invest. Maybe the suggestion can be implemented over time, and in stages.
Where is it written that unskilled workers ought to earn $50,000+/year and be guaranteed a job? I've heard tales of $80,000/year unskilled union workers -- I assume that is a statistical out-lier and that over $50,000/year is more representative. For skills that may be developed in a week or a month, that doesn't seem competitive. Ya, I get and subscribe to the role of unions in assuring a safe workplace and fair working rules. I don't subscribe to the role of unions as a coercive mafia holding up companies for uncompetitive wages.
GM considering chapter 11
