GM, Chrysler to get 5.5 B more in Government loans.

[sarcasmo]

Source: AP

snip< DETROIT — A federal report says the U.S. government will loan General Motors Corp. up to $5 billion more to make it through June 1, and Chrysler LLC could get up to $500 million more by April 30.

snip< GM has until June 1 to complete its restructuring or face seeking bankruptcy protection.



Read more: http://www.comcast.net/articles/news-general/20090421/US.Auto.Bailout/

---

IMHO, looks like Bankruptcy by Labor Day. Doing away with the legacy pensions and health care has been the GM goal all along.

[blue_onyx]

1. by Labor Day?

Bankruptcy will probably happen by Memorial Day.

[sarcasmo]

3. June 1st is the date the Government has given them for the Restructuring.

[blue_onyx]

5. I know but....

I don't think the purpose of the June 1st deadline was to create a new "viability plan." I think the 2 months GM was given was so they could get their bankruptcy plan in place. GM needs bankruptcy to accomplish the restructuring that will called for in their new plan. The news reported that 1700 dealers will be closed by June 1st...that's a lot of contracts to break and will be costly, unless the company is under bankruptcy protection by that time. So by June 1st, they'll have the plan and will be ready for the "controlled bankruptcy."

[DainBramaged]

8. Does anyone know how many jobs 1700 dealers support?

And that includes their suppliers and all of the neighborhood business that depend on them.

FUCKING MILLIONS MORE JOBS DOWN THE CRAPPER WHILE WALL STREET EATS CAVIAR

[blue_onyx]

9. I don't know the number but it will be a big blow to the economy

especially for smaller cities where the dealer is one of the biggest (if not the biggest) employers. That's not even the total number of dealers that will be closed....it's just the first round of closings. Plus, factor in Chrysler dealers that likely will close and we will see tons of people join the unemployment line.

[DainBramaged]

2. If Obama lets them fall into bankruptcy, he loses the UAW vote in 2012

and I will choose to sit out the election also.

[amandabeech]

6. He'll lose lots of folks who depend on UAW members and their families spending their paychecks,

pensions and health care dollars.


I've typed here before that I have an 89-year-old bachelor uncle who is very, very ill with congestive heart failure. He's a UAW retiree from GM, and I expect him to lose coverage supplemental to medicare and 3/4 of his pension.

It is simply appalling that the Democratic Party would pull earned medical and financial support out from under the elderly who simply no longer have the ability to help themselves.

We Dems are going to have an awful time in Indiana, Ohio, Michigan, and probably other states in 2010 and 2012. Of course, since Obama is picking up a lot of votes in right-to-work states, he doesn't need the union states anymore, and he obviously knows it.

I hope that Honda can make a bus big enough to cover all the UAW members, retirees and their families and neighbors about to be thrown under.

It's sickening.

[ROakes1019]

4. Chrysler

I thought Chrysler had refused the money if they can't give huge bonuses to its chiefs.

[DainBramaged]

7. More MSM lies

[Telly Savalas]

10. So who do you believe?

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/20/AR2009042002156.html?nav=rss_business

A high level official in the Obama administration or overpaid corporate bigwigs?

[DainBramaged]

11. Obama wants the auto industry to fail, why should I believe him any more?

[w4rma]

12. I really don't think that's true. In fact, I think maybe its the corporate execs who want bankruptcy

to gut the unions.

[DainBramaged]

13. And who gives you that information, Senator Shelby?