How likely is it that General Motors will go bankrupt?
My dad works for GM and since the news that GM may declare bankruptcy, both of my parents have been worried. What are the chances that GM will go bankrupt?
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They have to declare to clean this mess up.
GM burns through a couple billion bucks a month and has about a year’s worth of cash left at that rate.
$57 Billion bucks in the negative (how is that possible???) when it comes to shareholder equity does not help matters, either.
For me, hard to imagine a world without GM. Bankruptcy is a more than remote possibility but I don’t think so. Either way GM will survive. They will keep making cars for a long while. The union and retirement and medical issues will have to change but I doubt more than 40,000 jobs will be lost. Sounds awful but it’s likely.
Gee…I hope not! I think we’re gonna hear alot about corporations filing bankruptcy so they can get the government to help out. This is just my opinion.
In spite of its problems GM is in a virtual dead heat with Toyota for the world’s largest automobile company. Although they are losing money they still have enough in the treasury to continue operations.
I do not think they will declare bankruptcy. If they get into serious trouble they will negotiate with the UAW for both loans and for changes in their present contracts which will allow GM to operate at more competitive costs.
Hope this helps
Jerry-the-bookkeeper
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