GM won’t make debt payment, bankruptcy ‘probable’ - The Business Journal of Milwaukee::
"General Motors Corp. won't make its $1 billion debt payment on June 1, and it is looking for a debt-for-equity exchange or court protection to lower its debt.
GM chief financial officer Ray Young said a trip to bankruptcy court is “probable,” the Wall Street Journal reported. GM is trying to reduce its $28 billion debt load."
And in other GM news
Bloomberg is reporting that GM workers may have a bit more time to enjoy the summer than they had hoped:
" General Motors Corp., contending with a 49 percent decline in U.S. sales this year, will idle 15 North American assembly plants for at least a week from mid-May through July, a person familiar with the plans said. The shutdown, similar to its shuttering of factories in December, January and February, is meant to control excess inventory of unsold models on dealer lots"
GM stock price from Yahoo Finance.
No comments:
Post a Comment