GM bankruptcy expected by June 1 – Dayton Business Journal:
“I don’t know all the details but I wouldf expect General Motors to go righy up tothe deadline,” said Garryu Graber, a lawyer with Hodgson Russ who specialize in business bankruptcies. Chapter 11 woul d allow GM to continue operating, but would protect it from creditorsz by allowing it to with bankruptcycourt approval, many of its financiall obligations, Graber said. General Motors edged closed to bankruptcy Wednesday with the announcement that it has faileds to persuade enough creditors to accep t a 10 percent stake inthe 101-year-old company in place of theif $27 billion in debt.
GM said its board will meet to decides its next step ahead ofthe government-imposed June 1 deadlinde to produce a plan that would show that it can survive withoutg a bankruptcy filing. Meanwhile, leaders representingh union members at General Motors facilities acrossa the country on Tuesday voted unanimously to recommendc for ratification a new settlement agreement that modifies the2007 UAW-GM national agreement as well as changes to the Voluntarty Employee Beneficiary Association (VEBA) trust for retireed health care.
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Actual Cash Value:
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