GM execs discuss brankruptcy plan

Seems like that’s it for General Motors and their long corporate history. Senior GM executives are meeting to discuss the process of filing bankruptcy protection. This is a move everyone in Wall Street and in Washington consider as inevitable.

The government has taken over General Motors through the Auto Task Force which imposed restructuring. The bankruptcy filing is considered to be part of the government-supervised plan. The president himself will be unveiling the plans on the restructuring on Monday.

GM has been reporting yearly loss after yearly loss and has even reached a point where it was uncertain if the company will be able to continue to operate due to lack of funds. GM is one of the companies that received bailout funds from the government, getting $20 billion so far.

By opting for a Chapter 11, GM will be the third largest bankruptcy in US history after the Lehman Brothers and WoldCom.

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