Bonsman
Well-known member
Look for GMC to file today. Their bond payments are due and they do not have the money to pay. I suspect it will be another pre-packaged plan like Chrysler. All the stockholders of GMC will be wiped out and the stock will be worthless. The new owners of GMC will be the government, unions, bondholders, and unsecured creditors. I am somewhat concerned about the ripple effect on GMC's suppliers. We could see a lot of their suppliers going under. If you need a new vehicle, wait about 30 days and you should be able to get a heck of a deal.
Under the pre-packaged plan, warranties will remain on your vehicles; our tax dollars will provide GMC with post-petition financing; more dealers will be cut, again, and GMC will be able to come out of bankruptcy with a decent balance sheet. The difference between the Chrylser and GMC banruptcy filings is that GMC does not have a company like Fiat to come in and buy the majority of their assets. That means WE will be the majority owner of GMC when it emerges from bankruptcy.
Under the pre-packaged plan, warranties will remain on your vehicles; our tax dollars will provide GMC with post-petition financing; more dealers will be cut, again, and GMC will be able to come out of bankruptcy with a decent balance sheet. The difference between the Chrylser and GMC banruptcy filings is that GMC does not have a company like Fiat to come in and buy the majority of their assets. That means WE will be the majority owner of GMC when it emerges from bankruptcy.