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Thread: GM into bankruptcy protection

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    Regular Member MLC's Avatar
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    Default GM into bankruptcy protection

    I heard on radio 2 (I'm getting on now you know) that GM are filing for chapter 11 bankruptcy on Oct 17th.

    It's reported that their pension and health care provision in the States is crippling them. Apparently, the General Motors' pension fund is $31 billion short of what it owes its work force.

    Rumour, and I stress a rumour, is that massive restructuring is going to take place. This will involve selling the likes of SAAB, (they've already sold their stake in Subaru). It may spell the end of the Vauxhall name, with all cars being branded Opel.

    It will be interesting to see if this happens, or if it's all rubbish.

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    Regular Member Tim2100's Avatar
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    Default

    A billion here and a billion there adds up

    A class line.

    GM have been on the brink for some time, as are all American Car makers due to the pensions and health care shortfall.

    A bit Rover-esk here but GM couldn't go under, American governemnt woudl lose to much, besides they have such a large customer base, they could sell their way out, especially as they are doing some really good products now!

    Tim

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    Regular Member Ste's Avatar
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    Default

    Sorry didn't read it all, but with 32.3 billion UDS in cash, it probably has the liquidity to stay out of trouble for the short term at least, and with some good products following up it may have a longer term solution.

    However, the health care costs in US has increased at an alarming rate over the last few years, and doesn't really show any signs of stopping.

    If VX went under would it really be a surprise? It is only a badge brand. the cars are Opel with a different badge. 'Badge' engineering has become common, and doesn't really add any value to the product. The extra costs must be very high to keep a relatively small volume car maker separate to Opel.

    my thoughts only.

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    Regular Member taffy's Avatar
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    Rumour has it that Vauxhall Motors,Ellesmere Port is being re-named

    General Motors Manufacturing, Ellesmere Port.

    Read into that what you will!!

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    Ex Vec-C Admin & Founder GARY3306's Avatar
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    Default

    If it does come to it, you've heard of 'management buy-outs', well we could do a Vectra-c.com buyout .
    [SIGPIC]VX<font color=Red>R</font> with added Courtenay <img src=https://www.vectra-c.com/forum/images/smilies/biggrin.png border=0 alt= title=Big Grin class=inlineimg />

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