Date: Fri, 14 Oct 2005 20:07:15 +0100 From: Andrew Sinclair <news06nospamlycat.org> Subject: Re: GM File for Chapter 11 on the 18th of October????
In message <20051013152610.627f0549.nothingnospamo.com>, Saab Guy <nothingnospamo.com> writes >What is this news of GM filing for chapter 11 on the 18th of October? > >SG I heard (BBC Radio 2 in the UK business news the other night), that the American laws on bankruptcy change on 17 October so I'm guessing that there are provisions within the new law that will assist GM shed their restrictive unionised practices and pension liabilities with less pain than under the present rules Chapter 11 actually allows a company to continue whilst the management restructures and hopefully should emerge a changed and better things a few months/years later from Chapter 11 without the fear of creditors pulling the rug from under the company. Most famously, Enron has recently emerged from Chapter 11, a totally changed and much smaller company. I'm sure if we wait a few minutes there will be a lawyer along to put me right! Cheers, Andy -- Andrew Sinclair http://www.smellycat.org
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