Feds Structuring GM’s Controlled Bankruptcy


The Wall Street Journal - May 14, 2009

With a June 1 bank­rupt­cy dead­line loom­ing, Gen­er­al Motors con­tin­ues to nego­ti­ate with the Unit­ed Auto Work­ers and its bond­hold­ers. An agree­ment with the UAW appears to be close. Behind the scenes, how­ev­er, the Trea­sury Depart­ment is “for” the automak­er. Hourly labor costs and retiree health care costs are crit­i­cal to the out­come. Bond­hold­ers plan to argue in bank­rupt­cy court that their rights are being ignored over those of the union. The fed­er­al gov­ern­ment and the UAW are like­ly to be the major­i­ty own­ers of the new GM.


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