General Motors (GM) executives open to bankruptcy reorganization

General Motors Corporation (Public, NYSE:GM) executives are now open to speedy bankruptcy reorganization, to be financed by the government. This new report has now pushed aside earlier concerns that such a move would scare GM customers and push them away, resulting in the company not surviving.

These new views are a complete reversal of GM’s position toward the end of last year, when the automaker went for a federal bailout. This sudden change in attitude means that GM now have serious doubts about them going on, this now means that GM are now moving closer to filing for reorganization.

This new decision comes just as President Barack Obama’s auto task force is looking into just how much aide to offer General Motors. GM is also in negotiations with its bondholders, they are looking to cut $27 billion in unsecured debt.

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