Word: gm
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While it is clear that no one will get out of the GM collapse whole, it now is almost certain that some parties will not get out at all. (See the 50 worst cars of all time...
...engagement has become hand-to-hand as the fight to see who will make it out of the rubble of the GM (GM) restructuring comes to a close. The most recent development is that the car company's retired workers are blaming the firm's creditors for dragging their feet and pushing GM closer to bankruptcy. On the one side is a group that wants its money back and on the other are the people who worked on the assembly line for decades and don't want to spend their golden years without healthcare or a pension...
...GM is becoming so desperate that it may offer a program to exchange its $28 billion in unsecured debt for equity in the company. The bondholders would not get a penny under the plan being proposed. The GM shares they would receive may be worthless in a year if the car company cannot mount a furious comeback against both the economy and more well-financed and adroit competitors from Asia. GM is so close to being put into Chapter 11, effectively at the hands of the federal government, that its offer of equity-for-debt will probably by-pass...
...Most of GM's current workers have a reasonably good chance of keeping their jobs if the company remains independent and gets significant government loans. GM has already cut so many blue collar workers that it operates with a skeleton staff and will not have the capacity to ramp up production with its current staff levels when the car markets eventually rebound even if the rebound is a modest...
...government, the auto bankruptcy is not the issue. The issue is how well the process prepares it for the next industry bailout. At this point, GM is just a test case...