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Monday, April 13, 2009

Treasury Directs GM to Prepare for BK

by Calculated Risk on 4/13/2009 12:39:00 AM

From the NY Times: ‘Surgical’ Bankruptcy Possible for G.M.

The Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by a June 1 deadline... The goal is to prepare for a fast “surgical” bankruptcy, the people who had been briefed on the plans said.
One plan under consideration would create a new company that would buy the “good” assets of G.M. almost immediately after the carmaker files for bankruptcy.
Treasury officials are examining one potential outcome in which the “good G.M.” enters and exits bankruptcy protection in as little as two weeks ...
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