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Tuesday, April 07, 2009

Reuters reports GM in Intense Bankruptcy Preparations

by Calculated Risk on 4/07/2009 12:06:00 PM

From Reuters: GM shares skid on bankruptcy preparation news

... a source familiar with the company's plans told Reuters it was in "intense" and "earnest" preparations for a possible bankruptcy filing.
Also from Reuters: U.S. carmakers at 70 percent risk of bankruptcy: Moody's
Moody's Investors Service said it still sees a 70 percent chance of bankruptcy for Detroit's automakers ... "Given the lack of progress achieved and the additional progress that will be required in the revised plans, this threat will need to be seen as credible in order to compel adequate movement on the part of stakeholders," Moody's said in a note dated Monday.
At least this story has an expiration date (another 52 days for GM, 22 days for Chrysler).