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Wednesday, June 08, 2005

Bankruptcy: An option for GM?

General Motors (GM) – a car maker or rather a financial institution? As its vehicles production is declining, the financial unit may also get into troubles.

Bankruptcy: An option for GM?
CNN Money
By Chris Isidore, CNN/Money senior writer
June 8, 2005: 2:57 PM EDT

NEW YORK (CNN/Money) - General Motors Corp. might be one of the richest troubled companies in history.

Its finance unit, GMAC, made $729 million in the first quarter.

The problem is that the company's key product -- its sport/utility vehicles -- are seeing declining demand that has forced the company to step up the cash-back offers needed to maintain sales, said Walter McManus, director of the Office for the Study of Automotive Transportation.

Morici said the best alternative could be to file for bankruptcy protection, and try to have a judge force health care savings and other cutbacks on the UAW. Another alternative is that only the auto operations file for bankruptcy, thus preserving the corporation's finance unit and other assets, like its horde of cash.

"The rating agencies and stock market are sending a clear message that the company will lose money for the foreseeable future and eventually go bankrupt," said Morici. "Bankruptcy is a serious option either strategically or as an eventuality."

Read further:
CNN Money: Bankruptcy: An option for GM?

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