TREASURY TELLS GM TO PREP FOR BANKRUPTCY
April 12, 2009
Drudgereport has a note that the Treasure Department has told the General Motors Corporation to prepare for bankruptcy, there is no more funds coming to the company….
Story is developing, but the most educated guess is that General Motors isn’t going to be getting any more bailout cash, and it’s pretty much game over for the company. Bankruptcy will put virtually all the financial decisions on the bankruptcy judge. Non-essential things that don’t relate to the cost of steel, payroll and power bills most likely will not get paid… a prime example will be whatever dollars they were spending with their advertising agency thrown out the window… and it’s unknown if the advertising agency will.
Chances are this will send one hell of a nasty run though all the auto suppliers and any industry that touches general motors… this is going to get ugly… fast..
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