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22/11/2008

General Motors' Board of Directors is considering bankruptcy

According to the media the board of directors of General Motors is considering bankruptcy despite that CEO Rick Wagoner had called this "not an option". A lot of people are now wondering if this is a first step of a resignation of Wagoner which is seen as overdue by many observers especially after his embarrassing appearance during the hearings in the US senate.

Site/country
USA
Topic
Events
Filing for bankruptcy worldwide is not possible. They talked about the United States.
What kind of bankruptcy have they talked about? Bankruptcy for the USA or worldwide?
probably Chapter 11

Is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities
What kind of bankruptcy have they talked about?
No way! What they are doing? This would cause an uproar in Detroit and the state of Michigan!

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