Developments: Chrysler and GM bankruptcy
Filed under: Autos | By: Peter Chubb
Posted on: June 5, 2009 | 2 Comments
We are now on day 4 since GM (OTC:GMGMQ) filed for Chapter 11 bankruptcy, and Chrysler are back in court today as a pensions fund is appealing the sale of its assets, so now is a perfect time to see what the latest developments are.
As we know Monday was when General Motors was approved by U.S. Judge Robert Gerber for bankruptcy protection, this allowed them to continue to run as normal. Gerber also approved the automaker access to a further $15 billion in government funds.
The next hearing for GM will be on June 25, they will then ask for its full $33.3 billion in funds. The hearing on the proposed sale of the automaker will be held on June 30.
According to Mercury News Chrysler is now on day 36, Thursday was when Chrysler dealers who are to lose their franchise testified against the company, arguments on the motion to close the dealers will be heard on Tuesday.
Today, Friday is when the federal appeals court will make its decision, and decides if Chrysler will be allowed to sell, a bulk of its assets to a group, which is led my Italian automaker, Fiat (OTC:FIATY).
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Where does a company like GM with no money, end up buying a company with 2 billion dollars? This FAKE bankruptcy is a farce. GM is paying workers to leave, paying workers not to build cars, buying billion dollars Delphi, but yet they are cashless. WE are being ripped off, next real GM bankruptcy will be soon, but not before us US taxpayers have lost 70+ billion wasted dollars. Please stop this fraud by the Treasury.
Another imbecile who does not understand Chapter 11 making comments out of his ass!!